Gap wants to go beyond apparel, footwear and accessories. Immersed in a relaunch plan introduced by its CEO, Richard Dickson, the U.S. group is creating a new division dedicated to entertainment. Pam Kaufman, an executive from Paramount, has joined Gap to lead it.
Kaufman has been named vice president and chief executive of the newly created entertainment division, reporting directly to Dickson and working for all of the group’s brands, primarily Gap, Old Navy and Banana Republic. “The position is designed to develop and expand Gap’s entertainment, content and licensing platform across music, television, film, sports, video games, consumer products and cultural collaborations,“ the company said in a statement.
The mass market fashion giant, which in recent decades has been affected by the change of model driven by groups such as Inditex and by the loss of connection with the customer, has introduced a repositioning plan for the brand that gives the group its name. To this end, in 2023 the company brought in Dickson, who came from Mattel and was the architect of the relaunch of Barbie.
Gap adds Pam Kaufman, until now a Paramount executive, to its team
In this way, Gap’s commitment to entertainment picks up part of the Barbie phenomenon, whose repositioning ended with a record-breaking movie at the box office. Gap’s goal with the creation of this new division is to “promote an innovative narrative to unlock value at the intersection of fashion and entertainment”.
For its new line of business (which Gap calls “fashiontainment”), the group will establish a new office on Sunset Boulevard in Los Angeles, which will begin operations next spring. The location has been chosen to strengthen Gap’s relationship with the “entertainment ecosystem”.
The company will open new offices on Sunset Boulevard in Los Angeles
Until last December, Kaufman served as president and CEO of international markets, consumer products and experiences at Paramount. She is also an advisor to companies such as Stella McCartney and the Rock and Roll Hall of Fame Foundation.
“Fashion is entertainment, and today’s customers don’t just buy clothes, they buy brands that tell captivating stories and promote cultural conversations,“ Dickson says. “As we revitalize Gap’s iconic American brands to drive relevance and revenue, we recognize that entertainment is a critical link to the consumer,“ he adds.
The company, which last September added Universal Music executive Jody Gerson to its board, ended the third quarter of the fiscal year (ended Nov. 1st) with sales of $3.942 billion, up 2.95% from the same period last year. The company’s operating income in the third quarter fell by 5.92% to $334 million. Net income, meanwhile, fell by 13.86% to $236 million.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source themds.com ’
