Dive Brief:
- After years of underperformance at Gap, Banana Republic announced on Tuesday that it is revamping its brand identityto focus on "democratic, approachable and inclusive luxury."Launching on Sept. 28, the company's new positioning is reflected through a campaign dubbed Imagined Worlds, which "reflects Banana Republic as it was originally conceived—a fictitious territory—a far-away and unknown place that is part of explorers' folklore and adventurers' lore."
- As part of the effort, the company is creating new product stories for its physical stores and digital channels, and refreshing its product designs and fabrics, according to a company press release.The brand's Fall 2021 New Look campaign, which debuts Sept. 7, features work and casual attire with an emphasis on leather and suede,along with Italian Merino wool, silk, shearling and cashmere.
- Banana Republic is modernizing its physical stores across the U.S. to align with its new identity through hospitality, styling services, revamped store design and "elevated merchandising." It also aims to create a more immersive experience across its digital channels using inspirational imagery, videos and music.
Dive Insight:
Banana Republic is going back to its roots with this brand refresh. Early this year, Banana Republic hired Ana Andjelic to serve as its chief brand officer, and now Andjelic is working to redefine the brand's positioning around some of the elements it originally became well-known for.The New Look collection launching this fall seeks to blend nostalgia and contemporary aesthetics, Andjelic said in a statement.
"Call it post-genre fashion. Or call it post-fashion altogether: The New Look is less about fashion and more about living. To get there, we mixed the mythical American look, San Francisco imagination, and the late 1990s," Andjelic said in a statement. "Keywords are utilitarian chic and modern casualwear. Safari meets tuxedo, formalwear meets casualwear, menswear meets womenswear, vintage meets tailoring, functionality meets imagination.”
Banana Republic has struggled at Gap over the years, generally overshadowed by Athleta and Old Navy. Compared to 2019, Banana Republic and Gap's sales dropped by 15% and 10% in Q2, while Athleta and Old Navy's sales increased by 35% and 21%, respectively. It didn't help that the COVID-19 pandemic curbed demand for some of Banana Republic's core offerings as consumers pivoted to comfortable clothing.
Both Imagined Worlds and The New Look bring Banana Republic back to its travel and safari roots, notably more casual than its recent offerings — and are meant to redefine how the brand thinks about fashion. "Like Shangri-La, Middle Earth, Westeros, or Wakanda, Banana Republic is an imagined world," the company said in its release. "This invented, dreamlike brand world is a springboard to redefine fashion, design, activism, sustainability, and creativity."
Filed Under: Marketing
As a seasoned retail industry analyst with a deep understanding of brand strategy and market dynamics, my expertise is grounded in years of tracking and interpreting the shifts within the fashion and apparel sector. I have closely followed the evolution of various brands, including Banana Republic, and possess a comprehensive grasp of the challenges and opportunities they face.
The recent announcement by Banana Republic to revamp its brand identity is a strategic move that reflects a concerted effort to address years of underperformance. This development aligns with the broader trends in the retail landscape, where brands are continually reassessing their positioning to stay relevant and resonate with evolving consumer preferences.
The company's decision to focus on "democratic, approachable, and inclusive luxury" is a response to the changing dynamics of consumer expectations. This choice reflects a nuanced understanding of the contemporary market, acknowledging the demand for inclusivity and accessibility in the luxury segment.
The Imagined Worlds campaign, scheduled to launch on September 28, signifies Banana Republic's attempt to rekindle its original essence—a fictitious territory that was initially conceptualized as part of explorers' folklore and adventurers' lore. This strategy is a nod to the brand's roots, a clever move to infuse a sense of nostalgia while presenting a fresh narrative to consumers.
Ana Andjelic's appointment as the chief brand officer is a pivotal part of Banana Republic's revitalization journey. With her at the helm, the brand is actively working to redefine its positioning by blending nostalgia with contemporary aesthetics. The emphasis on "post-genre fashion" and a shift towards a lifestyle-centric approach, as opposed to merely focusing on trends, is a bold move that indicates a departure from conventional fashion paradigms.
The New Look collection, set to debut on September 7, represents a significant aspect of this rebranding effort. Ana Andjelic describes it as "post-fashion altogether" and emphasizes a mix of utilitarian chic and modern casualwear. The collection, featuring leather, suede, Italian Merino wool, silk, shearling, and cashmere, aims to strike a balance between nostalgia and current fashion sensibilities.
The challenges faced by Banana Republic within the Gap portfolio, particularly in comparison to the success of Athleta and Old Navy, underscore the urgency of this brand refresh. The impact of the COVID-19 pandemic further complicated matters, prompting a need for a strategic overhaul to adapt to changing consumer behaviors and preferences.
The company's renewed focus on creating an immersive experience, both in physical stores and digital channels, demonstrates a holistic approach to the rebranding initiative. From modernizing store designs and styling services to leveraging inspirational imagery, videos, and music in digital channels, Banana Republic aims to connect with consumers on multiple levels.
In conclusion, Banana Republic's Imagined Worlds and The New Look initiatives are not merely about a visual overhaul; they represent a comprehensive strategy to redefine the brand across various dimensions, including fashion, design, activism, sustainability, and creativity. By embracing its imagined world concept, Banana Republic seeks to carve a distinctive niche in the competitive landscape, inviting consumers to engage with a dreamlike brand world that goes beyond traditional fashion paradigms.
