Having joined the company last year, Larsson will succeed Emanuel Chirico, who has held the role of CEO since 2006. He will step into his new position at the head of the American conglomerate in February 2021.
Apparel retailer Gap reported a surprise 13% rise in quarterly comparable sales on Thursday, as consumers stuck at home due to the COVID-19 pandemic bought more of its Old Navy and Athleta clothing online.
Each company said it will work to maintain store safety by upholding safety measures like physical distancing, ramping up cleaning and sanitizing practices, and requiring employees to wear protective gear.
The American fashion group has announced that it has appointed IMG as its first ever exclusive multi-brand licensing representative, a partnership that opens the door for a range of cross-category product extensions.
Gap Inc warned on Thursday it may not survive the next 12 months intact and would need to borrow more funds in the face of widespread coronavirus shutdowns that have crippled the business of clothing retailers globally.
Wednesday was another day full of announcements from U.S. retailers looking to do their part to combat the spread of Covid-19 by implementing store closures. J.C. Penney, Skechers and J.Jill were among the latest batch.
Gap Inc on Thursday said comparable sales for the fourth-quarter fell less-than-expected, as the coronavirus continues to spread across the globe causing supply chain delays and sales halts for the world's retailers.