1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,680 --> 00:00:13,080 Speaker 2: The Stock Movers podcast, your roundup of companies making moves 3 00:00:13,080 --> 00:00:16,520 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:18,000 --> 00:00:20,320 Speaker 3: I'm Tim Steanebeck along with Carol Masser. Let's take a 5 00:00:20,320 --> 00:00:22,479 Speaker 3: look at some stocks on the move. It's the cover 6 00:00:22,560 --> 00:00:26,239 Speaker 3: of the July US edition of Bloomberg BusinessWeek. It's about 7 00:00:26,239 --> 00:00:29,440 Speaker 3: the Gap CEO's battle to save the brand and the 8 00:00:29,560 --> 00:00:33,120 Speaker 3: challenge that it is slammed into as a result of 9 00:00:33,159 --> 00:00:37,080 Speaker 3: the President's tariffs. The iconic nineties retailer was on the 10 00:00:37,120 --> 00:00:42,200 Speaker 3: precipice of death for years. Richard Dixon finally had momentum 11 00:00:42,360 --> 00:00:46,320 Speaker 3: for a comeback. Then came Trump. Amanda Mole is the 12 00:00:46,360 --> 00:00:48,600 Speaker 3: lead writer on the story. She joins us here in 13 00:00:48,600 --> 00:00:53,080 Speaker 3: the Bloomberg Interactive Brokers Studio. A great deep dive on Gap. 14 00:00:53,080 --> 00:00:54,600 Speaker 3: Congratulations on the cover story. 15 00:00:54,720 --> 00:00:55,080 Speaker 4: Thank you. 16 00:00:55,640 --> 00:00:59,280 Speaker 3: I want to start historical here and just remind everybody 17 00:00:59,320 --> 00:01:04,200 Speaker 3: what Gap was and what sort of happened when it 18 00:01:04,280 --> 00:01:06,640 Speaker 3: lost its way. Like I'm asking you to give us 19 00:01:06,680 --> 00:01:09,640 Speaker 3: the entire story here, but think back to the. 20 00:01:09,640 --> 00:01:12,880 Speaker 1: Nineties and fall into the Gap fell into a slump, 21 00:01:13,080 --> 00:01:14,560 Speaker 1: Yes it did. 22 00:01:14,600 --> 00:01:18,160 Speaker 3: But the nineties this was so I remember. I remember 23 00:01:18,200 --> 00:01:20,920 Speaker 3: having my parents' friends coming and visiting us from Europe 24 00:01:21,680 --> 00:01:25,039 Speaker 3: in a small town in California, and they wanted to 25 00:01:25,080 --> 00:01:27,480 Speaker 3: go to The Gap absolutely when they got to the 26 00:01:27,600 --> 00:01:30,280 Speaker 3: United States. Yeah, I believe it. 27 00:01:31,080 --> 00:01:34,400 Speaker 4: Yeah, it's hard to explain to people who are too 28 00:01:34,440 --> 00:01:37,679 Speaker 4: young to be aware of pop culture during the eighties 29 00:01:37,680 --> 00:01:40,440 Speaker 4: and nineties, but The Gap was sort of like the 30 00:01:40,920 --> 00:01:45,640 Speaker 4: king of American aesthetics for quite a while during the 31 00:01:45,640 --> 00:01:49,080 Speaker 4: eighties and the nineties. It was a store that was 32 00:01:49,120 --> 00:01:54,000 Speaker 4: so powerful and so so well trafficked that it commanded 33 00:01:54,040 --> 00:01:56,240 Speaker 4: some of the same lease terms in malls is like 34 00:01:56,320 --> 00:02:01,040 Speaker 4: anchor department stores that were much much larger it. You know, 35 00:02:01,320 --> 00:02:04,040 Speaker 4: it was a company that that sort of married the 36 00:02:04,160 --> 00:02:08,560 Speaker 4: sort of casualizing cool clothes of the era with this 37 00:02:08,639 --> 00:02:12,080 Speaker 4: sort of like great fluency in pop culture. It's advertisements 38 00:02:12,080 --> 00:02:15,360 Speaker 4: were these like incredible black and white portraits of you know, 39 00:02:15,560 --> 00:02:19,760 Speaker 4: iconic celebrities and tastemakers, people like Spike Lee, Joan Didion, 40 00:02:21,400 --> 00:02:24,320 Speaker 4: you know, by these fashion photographers who were some of 41 00:02:24,360 --> 00:02:29,280 Speaker 4: the most celebrated minds in the business. It really, you know, 42 00:02:30,000 --> 00:02:33,040 Speaker 4: cast a net in culture outside of the you know, 43 00:02:33,080 --> 00:02:37,440 Speaker 4: forty dollars jeans and fifteen dollars t shirts. It clothed everybody. 44 00:02:37,840 --> 00:02:41,400 Speaker 4: The one hundredth anniversary issue of Vogue featured supermodels on 45 00:02:41,440 --> 00:02:44,920 Speaker 4: the cover wearing Gap jeans and button downs. It was 46 00:02:45,000 --> 00:02:50,360 Speaker 4: truly an incredible force in, you know, creating the idea 47 00:02:50,400 --> 00:02:52,160 Speaker 4: of how Americans dressed now. 48 00:02:52,120 --> 00:02:54,920 Speaker 1: Until it wasn't until it wasn't like what brought it 49 00:02:54,960 --> 00:02:58,080 Speaker 1: down too much competition like walk us through. 50 00:02:58,320 --> 00:03:01,840 Speaker 4: Well, you know, over the past forty years, American retail 51 00:03:01,880 --> 00:03:05,920 Speaker 4: has just changed a lot. Gap really thrived in an 52 00:03:05,919 --> 00:03:08,760 Speaker 4: era when people went out to shop, when people went 53 00:03:08,800 --> 00:03:11,480 Speaker 4: to malls. The rise of the Gap as a national 54 00:03:11,520 --> 00:03:13,920 Speaker 4: retailer sort of sort of mirrors the rise of the 55 00:03:13,960 --> 00:03:17,080 Speaker 4: suburban mall as the place that people thought about going 56 00:03:17,120 --> 00:03:19,280 Speaker 4: to do their shopping for clothes is a cool place 57 00:03:19,320 --> 00:03:22,840 Speaker 4: to go. And when malls started to decline, so to 58 00:03:22,919 --> 00:03:26,120 Speaker 4: Gap for many of the same reasons. Gap had grown 59 00:03:26,160 --> 00:03:27,960 Speaker 4: really really large at that point, and it had a 60 00:03:27,960 --> 00:03:30,280 Speaker 4: lot of leases and a lot of sort of aging 61 00:03:30,880 --> 00:03:33,960 Speaker 4: shopping centers across America. And then you get the one 62 00:03:34,000 --> 00:03:36,560 Speaker 4: two punch of some regulatory changes in the mid two 63 00:03:36,600 --> 00:03:40,920 Speaker 4: thousands that led in a lot of international fast fashion 64 00:03:40,960 --> 00:03:44,119 Speaker 4: retailers Zara, h and M things like that. And then 65 00:03:44,240 --> 00:03:49,160 Speaker 4: the Internet gave people in you know, virtually everywhere in 66 00:03:49,200 --> 00:03:52,160 Speaker 4: America a much wider access to different types of clothing. 67 00:03:52,480 --> 00:03:56,360 Speaker 4: So suddenly there was just a ton of cheap clothes everywhere. 68 00:03:57,200 --> 00:04:01,280 Speaker 4: And the sort of gambit that Gap ran, which was 69 00:04:01,520 --> 00:04:04,960 Speaker 4: you know, cool jeans and T shirts, people had caught 70 00:04:04,960 --> 00:04:07,800 Speaker 4: onto it. People were imitating what they were doing, and 71 00:04:07,840 --> 00:04:10,280 Speaker 4: so you combined that sort of like lease load in 72 00:04:10,360 --> 00:04:13,360 Speaker 4: debt load that they had with all this new competition 73 00:04:13,440 --> 00:04:16,280 Speaker 4: in these new retail channels, and they just fell off. 74 00:04:16,520 --> 00:04:18,719 Speaker 3: We're going to get to Richard Dixon and the task 75 00:04:18,760 --> 00:04:20,640 Speaker 3: that he has set out in the for him and 76 00:04:20,680 --> 00:04:22,560 Speaker 3: the obstacles he has ahead of him. In a second. 77 00:04:22,760 --> 00:04:26,360 Speaker 3: First though, Mickey Drexler a legendary name in the world 78 00:04:26,440 --> 00:04:30,839 Speaker 3: of retail. What was his what was his role in 79 00:04:31,640 --> 00:04:32,719 Speaker 3: where GAP is today? 80 00:04:33,920 --> 00:04:39,000 Speaker 4: Mickey like was Gap for twenty years. The Fishers, the 81 00:04:39,040 --> 00:04:42,839 Speaker 4: family that founded GAP, hired him in nineteen eighty three 82 00:04:42,960 --> 00:04:46,560 Speaker 4: after he had turned around and Taylor and he stayed 83 00:04:46,560 --> 00:04:49,640 Speaker 4: at GAP for almost twenty years after that. He built 84 00:04:50,000 --> 00:04:53,440 Speaker 4: the company into the sort of cultural engine that it 85 00:04:53,600 --> 00:04:56,840 Speaker 4: was at its peak. He sort of understood that, like, 86 00:04:56,920 --> 00:04:59,080 Speaker 4: in order to sell jeans and T shirts, you had 87 00:04:59,120 --> 00:05:02,120 Speaker 4: the jeans and T shirts had to mean something. And 88 00:05:02,160 --> 00:05:05,240 Speaker 4: he was great at making meaning out of sort of 89 00:05:05,279 --> 00:05:08,800 Speaker 4: regular clothes. And he was great at, you know, organizing 90 00:05:09,080 --> 00:05:11,599 Speaker 4: a company that really sort of kept its fingers on 91 00:05:11,640 --> 00:05:15,120 Speaker 4: the pulse of like what people were interested in, interested 92 00:05:15,160 --> 00:05:19,680 Speaker 4: in what felt cool, like what might motivate people to 93 00:05:20,400 --> 00:05:24,200 Speaker 4: go out and buy something. And he for twenty years 94 00:05:24,279 --> 00:05:29,279 Speaker 4: was sort of fantastically successful at that, but at the 95 00:05:29,400 --> 00:05:31,520 Speaker 4: end it wasn't enough to save his job. 96 00:05:31,800 --> 00:05:33,480 Speaker 1: Yeah, And I feel like then they kind of bounced 97 00:05:33,520 --> 00:05:35,719 Speaker 1: around a lot, right, I think, like trying to figure 98 00:05:35,720 --> 00:05:38,360 Speaker 1: out what they need to be in this very as 99 00:05:38,360 --> 00:05:40,840 Speaker 1: you say, I think you played out really like I mean, 100 00:05:40,920 --> 00:05:43,600 Speaker 1: let's be clear, retail has had a really tough time 101 00:05:43,680 --> 00:05:46,400 Speaker 1: for a long time, and so the dust is settling. 102 00:05:46,480 --> 00:05:48,640 Speaker 1: I mean, I even think about Levi's that has gone 103 00:05:48,680 --> 00:05:52,320 Speaker 1: through a revival of sorts. I just bought a pair 104 00:05:52,360 --> 00:05:54,919 Speaker 1: of Levi's. I haven't bought Levi's in such a long time. 105 00:05:55,360 --> 00:05:57,440 Speaker 1: But for the gap, they went through a lot of 106 00:05:57,480 --> 00:06:00,960 Speaker 1: bouncing around, and that also takes its tall. 107 00:06:01,200 --> 00:06:04,240 Speaker 4: Yes, So in between Mickey Drexler and Richard Dixon, the 108 00:06:04,240 --> 00:06:07,600 Speaker 4: current CEO. There were four CEOs. 109 00:06:07,320 --> 00:06:10,279 Speaker 3: Who were that's over like about twenty three years. 110 00:06:10,480 --> 00:06:14,920 Speaker 4: Yes, so they lasted it was actually almost almost exactly 111 00:06:15,000 --> 00:06:17,680 Speaker 4: twenty years, so that they lasted all about like four 112 00:06:17,760 --> 00:06:19,880 Speaker 4: or five years of piece on average. 113 00:06:20,320 --> 00:06:23,599 Speaker 1: Just about getting settled in initiatives and then it's like 114 00:06:23,680 --> 00:06:24,240 Speaker 1: gone right. 115 00:06:24,640 --> 00:06:27,120 Speaker 4: And you know, the trouble that GAP has had with 116 00:06:27,200 --> 00:06:29,719 Speaker 4: executives over the past twenty years mirrors a lot of 117 00:06:29,720 --> 00:06:32,040 Speaker 4: the trouble that other sort of like great American companies 118 00:06:32,080 --> 00:06:33,960 Speaker 4: have had in that period of time looking for people 119 00:06:34,360 --> 00:06:37,719 Speaker 4: to bring in to like solve one problem while then 120 00:06:37,960 --> 00:06:40,719 Speaker 4: accidentally making another problem worse. So you bring in someone 121 00:06:40,760 --> 00:06:43,320 Speaker 4: to deal with the debt load and deal with margin, 122 00:06:43,800 --> 00:06:47,800 Speaker 4: and then they do that, but creativity sort of plummets. 123 00:06:47,800 --> 00:06:51,640 Speaker 4: Then you bring someone into to deal with like the 124 00:06:51,880 --> 00:06:55,280 Speaker 4: sort of overabundance of leases and closed stores and streamline 125 00:06:55,320 --> 00:06:56,839 Speaker 4: and they do that, but then the quality of the 126 00:06:56,839 --> 00:06:59,680 Speaker 4: clothes also goes down because they're streamlining the you know, 127 00:06:59,720 --> 00:07:03,000 Speaker 4: the the materials being used, right, So you are sort 128 00:07:03,000 --> 00:07:05,520 Speaker 4: of playing whack a mole with all of these different problems, 129 00:07:05,920 --> 00:07:08,720 Speaker 4: and when you are bringing on executives that are meant 130 00:07:08,720 --> 00:07:11,880 Speaker 4: to deal with sort of like systemic issues or logistical 131 00:07:11,920 --> 00:07:15,560 Speaker 4: issues or financial issues within a company. In a company 132 00:07:15,560 --> 00:07:19,240 Speaker 4: that sells aesthetics, that sells ideas, that sells coolness, that 133 00:07:19,280 --> 00:07:21,760 Speaker 4: can be really, really difficult in the long term unless 134 00:07:21,760 --> 00:07:24,360 Speaker 4: you have like a sort of rare type of person 135 00:07:24,560 --> 00:07:26,120 Speaker 4: and it's just hard to find that person. 136 00:07:26,320 --> 00:07:28,000 Speaker 1: And you know, it's funny as they've gone along, I 137 00:07:28,360 --> 00:07:30,240 Speaker 1: think about I don't know, when my daughter was young, 138 00:07:30,280 --> 00:07:34,640 Speaker 1: our Gap Baby and Gap Kids, like it seemed super successful, 139 00:07:34,640 --> 00:07:37,080 Speaker 1: like there are things that they've done that have done well, 140 00:07:37,080 --> 00:07:39,320 Speaker 1: and then I don't know, like just I don't know 141 00:07:39,320 --> 00:07:41,080 Speaker 1: whether it runs out of steam or momentum. 142 00:07:41,080 --> 00:07:41,480 Speaker 2: I don't know. 143 00:07:41,880 --> 00:07:44,720 Speaker 4: Yeah, No, Gap is a fascinating company because it's got 144 00:07:45,160 --> 00:07:47,680 Speaker 4: a bunch of brands within it. It's got Gap, but 145 00:07:47,720 --> 00:07:50,600 Speaker 4: then Old Navy, Banana Republic, Athleta Athleta, right, and then 146 00:07:50,720 --> 00:07:53,640 Speaker 4: it's a bunch of those brands have sub brands too, 147 00:07:53,760 --> 00:07:57,320 Speaker 4: So like Gap has Gap Kids, Banana Republic, tried Banana 148 00:07:57,320 --> 00:08:00,880 Speaker 4: Republic Home. There used to be Piper, which was a 149 00:08:01,040 --> 00:08:05,000 Speaker 4: Zappo's competitor. There was Intermix, which got bought and then 150 00:08:05,040 --> 00:08:07,400 Speaker 4: sold to private equity. It was trying to get more 151 00:08:07,400 --> 00:08:09,920 Speaker 4: into like the higher end fashion game. Like there's been 152 00:08:09,960 --> 00:08:12,200 Speaker 4: all these sort of like side quests and boondoggles and 153 00:08:12,320 --> 00:08:15,320 Speaker 4: sub brands and things that just didn't work. 154 00:08:15,680 --> 00:08:16,080 Speaker 2: And. 155 00:08:17,520 --> 00:08:19,520 Speaker 4: What has underwritten a lot of that for a long 156 00:08:19,560 --> 00:08:23,640 Speaker 4: time is Old Navy. One of Nickey Drexler's big things 157 00:08:23,720 --> 00:08:26,280 Speaker 4: that he did for the company was launch Old Navy 158 00:08:26,280 --> 00:08:29,480 Speaker 4: in nineteen ninety four and in that time GAP's revenue 159 00:08:29,520 --> 00:08:33,600 Speaker 4: has fallen by about half since its peak in two 160 00:08:33,600 --> 00:08:38,440 Speaker 4: thousand and three ish. But Old Navy sells over eight 161 00:08:38,480 --> 00:08:40,959 Speaker 4: billion dollars worth of clothes every year and has really 162 00:08:41,000 --> 00:08:42,680 Speaker 4: like financed all these boon doggles. 163 00:08:42,679 --> 00:08:43,960 Speaker 1: Can I tell you so many times I'll be like, 164 00:08:44,080 --> 00:08:48,240 Speaker 1: that's really great Old Navy, Like it's just like fashion forward, 165 00:08:48,520 --> 00:08:50,000 Speaker 1: even like it's pretty impressive. 166 00:08:50,920 --> 00:08:52,920 Speaker 3: So let's fast forward to today, because you've got a 167 00:08:52,920 --> 00:08:56,560 Speaker 3: lot of time with Richard Dixon and some really interesting 168 00:08:56,559 --> 00:08:58,760 Speaker 3: commentary about like what he did when he first got 169 00:08:58,800 --> 00:09:02,120 Speaker 3: to the role in terms of taking the executives shopping, 170 00:09:02,640 --> 00:09:06,480 Speaker 3: hearing about their like relentless positivity and meetings that he 171 00:09:06,559 --> 00:09:10,720 Speaker 3: didn't necessarily see as realistic. What is his path forward 172 00:09:10,720 --> 00:09:13,560 Speaker 3: in the face of tariffs, which you write the piece, 173 00:09:13,840 --> 00:09:16,640 Speaker 3: this company's actually pretty well positioned to deal with right, 174 00:09:16,960 --> 00:09:18,280 Speaker 3: So on the face right. 175 00:09:18,360 --> 00:09:20,440 Speaker 4: A lot of what Dixon did when he got there 176 00:09:20,600 --> 00:09:24,840 Speaker 4: was sort of changed the attitude of the company, I think, 177 00:09:25,640 --> 00:09:29,000 Speaker 4: because it's something that's interesting always as someone who sits 178 00:09:29,000 --> 00:09:30,800 Speaker 4: like outside of these companies and is trying to figure 179 00:09:30,800 --> 00:09:32,320 Speaker 4: out what's going on that Like when you have a 180 00:09:32,320 --> 00:09:35,240 Speaker 4: company that's been like sort of beleaguered for a long time, 181 00:09:35,559 --> 00:09:37,920 Speaker 4: it's I always wonder, like, what do they think about 182 00:09:37,920 --> 00:09:41,920 Speaker 4: what everybody says about them externally? And something that Dixon 183 00:09:41,960 --> 00:09:44,680 Speaker 4: told us about. Lily Meyer was my co reporter on 184 00:09:44,720 --> 00:09:48,920 Speaker 4: the piece. She he was like, you know, he had 185 00:09:48,920 --> 00:09:50,960 Speaker 4: this town hall when he first got there where he 186 00:09:51,280 --> 00:09:54,880 Speaker 4: you know, had a slide presentation put together of all 187 00:09:54,880 --> 00:09:57,840 Speaker 4: the negative headlines about the company and got up in 188 00:09:57,840 --> 00:10:00,640 Speaker 4: front of the company and was like, everybody knows what 189 00:10:00,679 --> 00:10:03,040 Speaker 4: we should be doing except us, and it's hard to 190 00:10:03,040 --> 00:10:05,200 Speaker 4: say that they're wrong. It was sort of like, you know, 191 00:10:05,640 --> 00:10:09,800 Speaker 4: this like huge legacy company had become like a little 192 00:10:09,840 --> 00:10:13,240 Speaker 4: bit more abund a little bit complacent, and just sort 193 00:10:13,240 --> 00:10:15,920 Speaker 4: of figuring out a way out of that psychologically, I 194 00:10:15,920 --> 00:10:18,880 Speaker 4: think has been a big part of his tenure so far, 195 00:10:19,960 --> 00:10:22,680 Speaker 4: and when you combine that with the sort of like 196 00:10:22,800 --> 00:10:25,440 Speaker 4: long un sexy work that has been going on, you know, 197 00:10:25,559 --> 00:10:28,760 Speaker 4: under him, but also before him, of cleaning up the 198 00:10:28,800 --> 00:10:32,160 Speaker 4: company's debt, of cleaning up the discounting situation, because a 199 00:10:32,160 --> 00:10:33,960 Speaker 4: big issue for Gap has been that they've trained their 200 00:10:33,960 --> 00:10:36,400 Speaker 4: customers to expect everything to be fifty percent off all 201 00:10:36,480 --> 00:10:39,640 Speaker 4: the time. And it's really hard to grow a business. 202 00:10:39,679 --> 00:10:41,960 Speaker 1: So true, it's so true, like you get used to 203 00:10:42,000 --> 00:10:46,000 Speaker 1: it and no, no, and then exactly you know it 204 00:10:46,040 --> 00:10:47,320 Speaker 1: and you know it's coming. I thought you were going 205 00:10:47,360 --> 00:10:49,160 Speaker 1: to say the barrel gene save the company. 206 00:10:50,040 --> 00:10:54,000 Speaker 4: Well, they I think are indicative of something that might 207 00:10:54,040 --> 00:10:57,280 Speaker 4: save the company. I would say, which is the capacity 208 00:10:57,400 --> 00:10:59,760 Speaker 4: now for Gap? Because it's cleaned up its logistics, it's 209 00:10:59,800 --> 00:11:02,640 Speaker 4: clean up its supply chain a little bit to see 210 00:11:02,679 --> 00:11:05,120 Speaker 4: a trend coming, to have a product ready to go 211 00:11:05,280 --> 00:11:08,960 Speaker 4: and then have the technological and data capability to like 212 00:11:09,200 --> 00:11:11,720 Speaker 4: put it into stores like at the right moment in 213 00:11:11,840 --> 00:11:13,280 Speaker 4: order to like sell a bunch of it and not 214 00:11:13,360 --> 00:11:15,000 Speaker 4: have to discount it and not have to send it 215 00:11:15,000 --> 00:11:17,040 Speaker 4: to outlet and not have to you. 216 00:11:16,920 --> 00:11:18,760 Speaker 1: Know, doesn't end up at Tjmax. 217 00:11:19,360 --> 00:11:19,720 Speaker 3: Sorry. 218 00:11:19,800 --> 00:11:22,920 Speaker 4: Yeah, So far not for these so far not for 219 00:11:22,960 --> 00:11:25,679 Speaker 4: these genes. And it's it's interesting because it's a barrel. 220 00:11:25,720 --> 00:11:28,600 Speaker 4: Genes are sort of these like like curved outward like 221 00:11:28,640 --> 00:11:31,720 Speaker 4: sort of cartoon cowboy leg jeans that are a little 222 00:11:31,720 --> 00:11:33,800 Speaker 4: bit silly and like very trendy and very young, and 223 00:11:33,840 --> 00:11:35,600 Speaker 4: it's the type of thing that for twenty years GAP 224 00:11:35,640 --> 00:11:37,920 Speaker 4: has not been able to do because they either bet 225 00:11:37,960 --> 00:11:40,040 Speaker 4: on the wrong thing or it's too earlier, it's too late. 226 00:11:40,440 --> 00:11:43,240 Speaker 4: But the success that they've had with these genes, which 227 00:11:43,240 --> 00:11:46,160 Speaker 4: aren't cheap and they don't discount all of the popular 228 00:11:46,160 --> 00:11:51,079 Speaker 4: colors regularly, is indicative that they figured out the data 229 00:11:51,120 --> 00:11:54,600 Speaker 4: and logistics capabilities to be able to like compete in 230 00:11:54,640 --> 00:11:56,120 Speaker 4: this realm, which is big for them. 231 00:11:56,160 --> 00:11:58,520 Speaker 1: I think, yeah, I mean, but it's certainly fashion forward. 232 00:11:58,520 --> 00:12:00,600 Speaker 1: I've tried them on. They're just not quite for me. 233 00:12:00,840 --> 00:12:02,160 Speaker 1: I don't know. Have you tried them on? 234 00:12:02,200 --> 00:12:03,439 Speaker 3: I don't even know what you're talking about. 235 00:12:04,120 --> 00:12:05,280 Speaker 1: Have you tried them on? 236 00:12:05,600 --> 00:12:09,600 Speaker 4: I bought a paarawise did. Yeah, if you get them 237 00:12:09,600 --> 00:12:12,160 Speaker 4: in the right the right like weight of Denham, they 238 00:12:12,280 --> 00:12:15,079 Speaker 4: like they look more slouchy than Curby went on. 239 00:12:15,360 --> 00:12:18,360 Speaker 1: Okay, because otherwise you feel like you're like, okay, Corral. 240 00:12:18,240 --> 00:12:20,400 Speaker 4: Yes, it's a little it's a little cartoon cowboy, all. 241 00:12:20,400 --> 00:12:24,240 Speaker 1: Right, Amnimal, you are amazing. She is seen a reporter 242 00:12:24,280 --> 00:12:27,840 Speaker 1: for Bloomberg BusinessWeek. Her story it is the cover story 243 00:12:27,920 --> 00:12:30,520 Speaker 1: of the upcoming new issue of Bloomberg Business Week, about 244 00:12:30,559 --> 00:12:33,760 Speaker 1: Gap CEO's battle to save the brand slamming into Trump's terrors. 245 00:12:33,800 --> 00:12:35,960 Speaker 1: Because yeah, that is certainly an aspect of this story 246 00:12:36,000 --> 00:12:37,120 Speaker 1: as well in a big way. 247 00:12:38,000 --> 00:12:42,120 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 248 00:12:42,200 --> 00:12:44,960 Speaker 2: us throughout the day for the latest roundup of companies 249 00:12:45,000 --> 00:12:48,040 Speaker 2: making news on Wall Street and for the latest market 250 00:12:48,080 --> 00:12:52,439 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 251 00:12:52,480 --> 00:12:55,720 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 252 00:12:55,800 --> 00:12:57,280 Speaker 2: the Bloomberg Business app.