The struggling American fashion brand Gap is not giving up on its dreams, as evidenced by its recent move to appoint former Mattel Chief Operating Officer Richard Dickson as its new CEO. After a collaboration with popular Kanye West ended in failure, they now hope that the new leader will bring a bit of pink magic to the company.
Following the announcement of Dickson’s appointment, the company’s shares rose by nine percent, which management interpreted as a sign that they are heading in the right direction. Dickson worked at Mattel for a full twenty years and is credited with refreshing the Barbie brand and introducing inclusive dolls to the lineup.
A Troubled Company
According to Reuters, Gap has recorded a decline in demand for its products. They have attempted to cut costs through restructuring, including layoffs, and growing problems have sparked speculation about the sale of one or more brands. The new CEO, analyst Simeone Siegel told Reuters, is expected to help Gap discover what the brand actually is and what it wants to represent, while ensuring that its value does not decline. Dickson chose this new business challenge at the peak of Barbie’s popularity (thanks to the film), and besides Mattel, he worked at Bloomingdale’s and is a co-founder of Gloss.com, the first online store for luxury cosmetics. Gloss.com was acquired by Estee Lauder in 2000.
