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Mattel president and COO Richard Dickson is heading to Gap. Dickson, known for his reinvention of the Barbie franchise, will take on the role of CEO at the US apparel company from 22 August. Dickson has sat on the Gap Inc.’s board of directors since November 2022.
“Gap Inc. is a portfolio of iconic brands, known for having defined American style with bold thinking and making quality fashion accessible to millions,” Dickson said in the release.
Gap has struggled to maintain its relevance. The company, whose portfolio includes Old Navy, Banana Republic and Athleta in addition to its namesake brand, has seen sales decline in recent years and has been without a permanent CEO since Sonia Syngal abruptly exited the company in July 2022 on the back of a failed turnaround. The hope is that Dickson will be able to reinject the fervour that drove the brand’s 1990s success back into its DNA — much like he did with the Barbie franchise. The appointment appears to be well received by investors; Gap’s shares are up 5.2 per cent as of Wednesday morning.
“Richard has invaluable expertise in areas critical to the work Gap Inc. is doing to strengthen the company for the long term,” Mayo A Shattuck, who sits on the board for Gap, said in a statement. “And we are thrilled to have his visionary leadership as the company redefines the future potential of Gap Inc. and its renowned American fashion brands.”
Dickson will take over from interim CEO Bobby Martin, who will remain chair of the board. “Amidst a deliberate and thoughtful search process, it became clear that Richard is destined for this role at this moment,” Martin said in the release. “His experience as a proven transformational brand builder and belief in the power of inclusivity, make him a perfect fit for Gap Inc.”
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Under Dickson’s leadership, Mattel has made waves of late with the slew of press surrounding Greta Gerwig’s Barbie, starring Margot Robbie — which has solidified the brand’s presence in the fashion world. Gap released a Barbie-themed collection to coincide with the film’s release — one of Mattel’s 100-plus Barbie partnerships. The former COO also made strides with Mattel’s other IPs including Hot Wheels, which is slated for its own JJ Abrams-directed film in 2025.
Dickson’s success with reinvigorating the Barbie franchise makes him a solid choice, says Neil Saunders, managing director at retail research agency GlobalData. “[It’s] proof that he understands how to turn around established brands that have run out of energy and steam. This is exactly the challenge he will need to address at Gap.”
And Dickson is in for a challenge, Saunders says. “Being CEO of Gap is not for the faint of heart.” It’s one the incoming CEO says he’s up for. Dickson said in the release: “It’s the work ahead that excites me most — the chance to work hand-in-hand with the teams to evolve Gap Inc. for a new era.”
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