00:00Outpaced by fast fashion, Gap fell into a cycle.
00:03Too many stores, excess inventory, and over-discounting that taught customers to wait for the sale.
00:09The Gap brand lost nearly half of its sales and closed more than 60% of its stores globally.
00:15We weaned ourselves off of the over-promoted, over-signed offerings.
00:20It doesn't mean that we're not a value-oriented brand at all.
00:24In fact, we love our distinction as a value-oriented brand.
00:27Great prices, great style, and great quality.
00:29After cycling through four CEOs in four years, Gap hired Richard Dixon.
00:34He helped revive Mattel's Barbie to a record $1.7 billion cultural phenomenon.
00:39Part of the challenge when we started this reinvigoration,
00:43you'd come into our stores and we were more about price than product.
00:46It was about stuff, not story.
00:49And so we took these and said, okay, let's edit the stuff into a story,
00:52and let's start to tell our product story in a way that is primary.
