Gap Reveals Its Plans for the Next 50 Years [Video]

PALM SPRINGS, Calif.— This year marks the 50th anniversary of preppy retailer Gap. For the brand’s next 50 years, CMO and senior vice president Alegra O’Hare wants to take the company from a U.S. retailer to a “globally relevant cultural brand.”

O’Hare, who’s only been on the job for eight months, said on stage at this year’s Brandweek, that the company needs to “change and innovate” and put itself at risk; otherwise, it’ll remain “complacent.”

It’s a bold vision for a brand whose parent company, Gap Inc., which owns Gap, Banana Republic, Athleta and Hill City, continues to miss earnings, with the last quarter missing sales estimates. (Gap Inc. is still working on splitting Old Navy into its own company.) Sales specifically at Gap stores and its website were down 4%.

So, in order for Gap to find its north star and brand purpose, O’Hare and her team are focusing on what the brand does best from a product …