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Designer Marissa Webb is out at Banana Republic as creative director and Gap Inc. CEO Art Peck isn't holding back about what he thinks of Banana's clothing.
"I’ve been disappointed in the women’s product in Banana Republic," Peck said in an interview with Bloomberg. He said that Banana shoppers are "being clear that it doesn’t fit well. It’s not as versatile or flattering as it should be given the price point."
Bloomberg reports that Banana Republic’s same-store sales fell 10% in September.
Peck told the publication that he expects to see improvement in Banana Republic’s offerings in the spring. He's said that before about the Gap, pegging spring 2016 as the season when Gap will implement Old Navy's fast-fashion strategy. Meanwhile, the architect of Old Navy's winning strategy, Stefan Larsson, is moving on to Ralph Lauren, which has caused a dip in Gap's stock.
The company's stock dropped nearly 8% Friday, the Wall Street Journal reports, with the company's CFO saying that this has been a "challenging" September. According to WSJ, Gap reported a 1% drop in stores that have been open for more than 12 months, and the company attributed that to weak sales at Banana Republic. Meanwhile, this was partially offset by a 4% increase in sales at Old Navy.