Banana Republic is already struggling on this Black Friday. The retailer has failed to capture a younger audience, since they look for trendy yet affordable fashions at Forever 21, Charlotte Russe, H&M, and other similar stores.
According to the Business Insider, the brand’s sales revenue fell 12 percent in the third quarter, Banana Republic announced last week. Art Peck, the CEO of the parent company, Gap Inc., is obviously upset over this recent news.
“I am very disappointed by the declaration that we have seen, particularly with Banana in the back half. That’s been a real disappointment to me, and a bit of a surprise.”
Marina Nazario and Mallory Schlossberg of the Business Insider visited a local Banana Republic store to see why the company is struggling. A representative for the Gap company declined to elaborate on this story.
It’ll be interesting to see how Banana Republic performs on Black Friday. Gap Inc. announced its Black Friday deals to kick off the holiday shopping season. The company revealed that Athleta, Banana Republic, Gap, Intermix, and Old Navy will offer great deals for everyone on your shopping list.
Banana Republic started its 2015 Black Friday sale on Thanksgiving, according to the NASDAQ. Customers who shop the high-end store will save 50 percent off on sweaters and 40 percent off other merchandise in stores across the nation. To shop this deal online, you will have to use promo code BRFRIDAY at checkout. Also from now through Sunday, the Banana Republic Factory Store is offering 50 to 70 percent off everything in the entire store.
But let’s forget about Banana Republic’s Black Friday sale or holiday shopping in general. The retailer has already released its Summer 2016 Collection. The line first made its debut at New York Fashion Week back in September. But the brand decided to get consumers ready for next summer with the release of their lookbook for their Summer 2016 collection.
For this bright and colorful collection, Michael Anderson, senior vice president of design for Banana Republic, said that he was inspired by his recent shopping trip in Savannah, GA., New Orleans, and Nashville. “The South is known for colors and prints and its joy of life, and also for dressing up a bit,” he told Women’s Wear Daily.
The women’s Summer 2016 collection includes plenty of feminine and playful dresses in bright floral prints. Some are finished with delicate lace or finished with tailored suiting. There are also plenty of graphic prints on the culottes, knitted pants, and trousers in the line.
As for the men’s Summer 2016 collection, “There’s a sartorial elegance with some of the older guys in the region, but you are seeing it more with the younger kids, too,” Anderson said.
The men’s collection includes pieces like linen crew neck T-Shirts, seersucker blazers, tailored trousers, and indigo colored shorts with pinstripes.
Even its recently departed creative director, Marissa Webb, gave her input on the latest collection. Anderson told WWD that Webb’s shocking firing from the brand hasn’t changed the shift of the men’s and women’s collection and that he still works closely with her.
“Marissa was great at making us think about the details. She was always happy with how the men’s collection mined the brand’s heritage and integrated utility into the clothes, which is important because that’s a differentiator for us.”
You will notice that everything in Banana Republic’s Summer 2016 collection is dressed up and tailored. It’s the perfect summer wardrobe for busy professionals who have trouble finding work wear separates for those hotter months.
— Racked (@Racked) November 24, 2015
— Racked (@Racked) November 23, 2015
Photoset: menandfashion: BANANA REPUBLIC Spring/ Summer 2016 collection NEW YORK FASHION WEEK http://t.co/xNKcwluMno
— Lukas Condie (@lukascondie) October 8, 2015
With the launch of Banana Republic’s Summer 2016 collection, it looks like the retailer is desperately trying to make a comeback. Maybe attracting fashion conscious young professional is just what the company needs. What are your thoughts on Banana Republic’s latest collection? Have you shopped their Black Friday sale? Sound off below in the comments section.
[Photo by Cate Gillon/Getty Images]