Dive Brief:

• In the latest addition to the brand's C-suite, Banana Republic on Monday named Ana Andjelic as the company's new chief brand officer, according to a post on LinkedIn.
• Andjelic has 15 years of experience leading luxury lifestyle brands, according to an emailed statement from a company spokesperson.
• "She will lead the creative and marketing teams in bringing the brand's compelling vision to life while keeping the customer at the center of everything we do," the spokesperson stated.

Dive Insight:

What happens when most of the world stops wearing business clothes? 

That's a question that apparel retailers who specialize in office attire are racing to answer, as the impact of COVID-19 has changed daily workwear for large portions of the population, which leaves Banana Republic in a precarious position. 

Parent company Gap Inc. reiterated in its Q3 earnings that it intends to rationalize its global Banana Republic and namesake brands. The company in October said it will reduce the number of Gap and Banana Republic locations in North America by around 350 stores. The move is expected to produce $100 million in EBITDA savings on an annualized basis by the end of 2023.

A majority of the locations undergoing consideration for closing have leases that expire soon, "which allows us to exit underperforming stores" with minimal impact, the company said in an SEC filing. Gap is aiming for 50% of its sales to come via e-commerce by the end of 2023. 

In the fall, Gap Inc. reported that Banana Republic sales dipped 34%. "Banana Republic continues to face challenges driven by the shift in customer preference from a more formal workwear to casual in light of work from home today," Gap Inc. CEO Sonia Syngal said to analysts in November. 

Andjelic most recently ran her own company where she helped brands create product portfolios and expand into new categories, according to her LinkedIn profile. Before that, she worked as the chief marketing officer of Mansur Gavriel, an executive brand consultant for David Yurman and chief brand officer for Rebecca Minkoff. 

Banana Republic in November announced Sandra Stangl as the brand's new president and CEO.