Sonia Syngal, the CEO of the San Francisco-based coorporation, was ousted in July after less than two years in charge. Bob Martin, its executive chairman and a former leader at Walmart Inc., serves as temporary CEO while the company hunts for a permanent replacement. He stated that Gap is focusing on profitability by decreasing operating costs and addressing unproductive inventories. Abercrombie lost money in the three months ending July 30. Victoria’s Secret reported a 6% reduction in quarterly revenue and a more than 50% drop in net income to $69.9 million. It cautioned that full-year sales will fall after earlier forecasting flat or increasing sales. The lingerie retailer, which owns the Pink brand, had hoped that a new branding effort would rekindle interest in the brand.
Meanwhile, speaking to the media, BGMEA Director MohiuddinRubel reportedly stated that this growth could be a short-term phenomenon, especially given the impressions received from global brands and buyers, even as he reportedly added that high fuel prices and a lack of supply were having a negative impact on the global scenario, which was affecting the Bangladesh garment industry, which, according to his estimates, saw a 62% increase in yarn price, 500 pence.
