Gap, Inc. has named a new marketing executive to lead its Old Navy brand while it closed another one of its niche brands targeting women 35 and older.
Michael Cape joins Old Navy as its new executive vice president of marketing. Cape, 45, previously worked as vice president, director of brand marketing for J.C. Penney.
In his new role, Cape will oversee Old Navy’s marketing initiatives, including advertising, in-store promotion and PR activities. He reports to Dawn Robertson, Old Navy president.
Cape replaces Susan Wade, who left the company in December.
“Michael has strong creative vision and experience in understanding and building brands,” Robertson said in a statement. “He has a strong blend of marketing expertise and leadership skills and is a perfect fit for what we’re looking for to take Old Navy forward.”
The hiring comes as Gap is searching for a new chief executive officer.
Meanwhile, Gap is closing its Forth & Towne store concept geared toward woman 35 and older. The new line launched in August 2005 with four test stores in the Chicago market and one in New York. Each offered a variety of sizes and accessories with a “focus on fit”.
Gap will close the 19 Forth & Towne stores in 10 markets by June. The closure is expected to cost about $40 million. The company instead plans to focus its efforts on Gap and Old Navy brands.
“Forth & Towne was a great test of a promising concept and an illustration of the innovative risks you need to take in our business,” Bob Fisher, Gap Inc.’s chairman of the board and interim president and CEO, said in a statement. “We made the tough decision to close the brand and focus our efforts on stabilizing the existing businesses.”
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