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Can Old Navy Disrupt Athleisure? | Fast Five Shorts · Omni Talk Retail

• 0:00
  Old
• 0:00
  Navy
• 0:01
  headline
• 0:01
  number
• 0:01
  five.
• 0:02
  Old
• 0:02
  Navy
• 0:02
  is
• 0:02
  reportedly
• 0:03
  set
• 0:03
  to
• 0:03
  launch
• 0:04
  a
• 0:04
  new
• 0:05
  freestanding
• 0:05
  Athleisure
• 0:06
  format
• 0:07
  later
• 0:07
  this
• 0:07
  year
• 0:08
  under
• 0:08
  the
• 0:08
  sub
• 0:08
  brand
• 0:09
  name
• 0:09
  Old
• 0:10
  Navy
• 0:10
  Sport.
• 0:11
  According
• 0:11
  to
• 0:12
  wwd,
• 0:13
  Old
• 0:13
  Navy
• 0:13
  Sport
• 0:13
  is
• 0:14
  expected
• 0:14
  to
• 0:14
  include
• 0:15
  leggings,
• 0:15
  sweats,
• 0:16
  sports
• 0:17
  bras
• 0:17
  and
• 0:17
  T
• 0:17
  shirts.
• 0:18
  And
• 0:18
  Old
• 0:18
  Navy
• 0:19
  declined
• 0:19
  to
• 0:20
  comment
• 0:20
  in
• 0:20
  response
• 0:21
  to
• 0:21
  the
• 0:21
  story.
• 0:22
  And
• 0:22
  Gap
• 0:22
  Inc.
• 0:23
  Said
• 0:23
  only
• 0:23
  in
• 0:24
  response
• 0:24
  that
• 0:24
  we
• 0:25
  don't
• 0:25
  comment
• 0:25
  on
• 0:26
  rumor
• 0:26
  or
• 0:26
  speculation.
• 0:27
  End
• 0:27
  quote.
• 0:27
  I
• 0:27
  always
• 0:27
  love
• 0:27
  when
• 0:28
  I
• 0:28
  see
• 0:28
  that
• 0:28
  for
• 0:29
  context.
• 0:29
  Gap
• 0:29
  Inc.
• 0:30
  Has
• 0:30
  said
• 0:30
  Old
• 0:30
  Navy
• 0:31
  is
• 0:31
  the
• 0:31
  nation's
• 0:31
  fifth
• 0:32
  largest
• 0:32
  retailer
• 0:33
  by
• 0:33
  athleisure
• 0:34
  volume.
• 0:35
  The
• 0:35
  competitive
• 0:35
  set
• 0:36
  spans
• 0:36
  from
• 0:36
  mass
• 0:37
  value
• 0:37
  to
• 0:37
  ultra
• 0:38
  premium.
• 0:38
  And
• 0:39
  Old
• 0:39
  Navy
• 0:39
  is
• 0:39
  betting
• 0:40
  it
• 0:40
  can
• 0:40
  own
• 0:40
  the
• 0:40
  accessible
• 0:41
  end
• 0:41
  of
• 0:41
  the
• 0:41
  market.
• 0:42
  More
• 0:42
  deliberately,
• 0:43
  the
• 0:43
  tension
• 0:43
  inside
• 0:44
  Gap
• 0:44
  Inc.
• 0:44
  Has
• 0:45
  got
• 0:45
  to
• 0:45
  be
• 0:45
  palpable
• 0:46
  because
• 0:46
  as
• 0:47
  many
• 0:47
  of
• 0:47
  you
• 0:47
  know,
• 0:47
  the
• 0:47
  company
• 0:48
  already
• 0:48
  owns
• 0:48
  Athleta,
• 0:49
  a
• 0:49
  premium
• 0:50
  activewear
• 0:50
  brand
• 0:50
  with
• 0:51
  its
• 0:51
  own
• 0:51
  store
• 0:51
  footprint
• 0:52
  and
• 0:52
  a
• 0:52
  different
• 0:52
  customer
• 0:53
  base.
• 0:53
  Old
• 0:54
  Navy
• 0:54
  Sport,
• 0:54
  by
• 0:54
  contrast,
• 0:55
  is
• 0:55
  described
• 0:56
  as
• 0:56
  targeting
• 0:56
  a
• 0:56
  value
• 0:57
  oriented
• 0:57
  consumer
• 0:58
  with
• 0:58
  accessible
• 0:59
  price
• 0:59
  points.
• 1:00
  John
• 1:01
  Buy
• 1:01
  or
• 1:01
  sell
• 1:02
  Old
• 1:02
  Navy
• 1:02
  Sport,
• 1:03
  becoming
• 1:03
  a
• 1:03
  legitimate
• 1:04
  disruptor
• 1:04
  in
• 1:05
  the
• 1:05
  Athleisure
• 1:05
  market.
• 1:07
  I'm
• 1:08
  going
• 1:08
  to
• 1:08
  hold,
• 1:08
  I'm
• 1:09
  going
• 1:09
  to
• 1:09
  hold
• 1:09
  on
• 1:09
  this
• 1:10
  one.
• 1:11
  I,
• 1:11
  you
• 1:11
  know,
• 1:12
  I
• 1:12
  think
• 1:12
  I
• 1:12
  like
• 1:13
  certain
• 1:13
  things
• 1:13
  about
• 1:14
  it.
• 1:14
  I
• 1:14
  like
• 1:14
  the
• 1:14
  diversification
• 1:15
  play.
• 1:16
  I
• 1:17
  like,
• 1:17
  you
• 1:17
  know,
• 1:17
  maybe
• 1:18
  there,
• 1:18
  there's
• 1:18
  an
• 1:18
  opportunity,
• 1:19
  you
• 1:19
  know,
• 1:19
  there's
• 1:20
  a,
• 1:20
  there's
• 1:20
  a,
• 1:20
  an
• 1:21
  opening
• 1:21
  or
• 1:21
  Gap
• 1:22
  right
• 1:22
  now,
• 1:22
  like
• 1:22
  on
• 1:22
  the
• 1:23
  budget,
• 1:23
  friendly,
• 1:24
  accessible
• 1:24
  portion
• 1:25
  of
• 1:25
  this
• 1:25
  market.
• 1:26
  So
• 1:26
  I
• 1:26
  think
• 1:26
  that
• 1:26
  there
• 1:27
  is
• 1:27
  definitely
• 1:27
  some
• 1:28
  potential
• 1:28
  here.
• 1:29
  The
• 1:29
  thing
• 1:30
  that
• 1:30
  I,
• 1:30
  that
• 1:31
  I
• 1:31
  question
• 1:32
  is
• 1:32
  the,
• 1:32
  just
• 1:33
  the
• 1:33
  approach,
• 1:33
  you
• 1:33
  know,
• 1:34
  they're
• 1:34
  basically,
• 1:35
  you
• 1:35
  know,
• 1:35
  branding
• 1:36
  as
• 1:36
  an
• 1:36
  Old
• 1:36
  Navy,
• 1:37
  you
• 1:37
  know,
• 1:39
  you
• 1:39
  know,
• 1:39
  with
• 1:40
  branding
• 1:41
  and
• 1:41
  does
• 1:41
  that
• 1:41
  play,
• 1:42
  you
• 1:42
  know,
• 1:42
  and
• 1:42
  I
• 1:42
  look
• 1:42
  at
• 1:43
  you
• 1:43
  like,
• 1:43
  okay,
• 1:43
  they
• 1:43
  went
• 1:43
  with
• 1:44
  the
• 1:44
  athletic,
• 1:44
  you
• 1:44
  know,
• 1:45
  was
• 1:45
  one
• 1:46
  way
• 1:46
  to
• 1:46
  grow
• 1:46
  into
• 1:47
  a
• 1:47
  certain
• 1:47
  part
• 1:48
  of
• 1:48
  the,
• 1:48
  part
• 1:49
  of
• 1:49
  the
• 1:49
  market.
• 1:49
  You
• 1:50
  know,
• 1:50
  here
• 1:50
  they're
• 1:50
  trying
• 1:50
  to
• 1:51
  create
• 1:51
  a
• 1:51
  new
• 1:51
  format
• 1:52
  or
• 1:52
  potentially
• 1:53
  spin
• 1:53
  off
• 1:53
  on
• 1:53
  their
• 1:53
  brand.
• 1:54
  I
• 1:54
  think
• 1:54
  about
• 1:55
  other
• 1:55
  concepts
• 1:55
  and
• 1:56
  like
• 1:56
  I
• 1:56
  said,
• 1:56
  I
• 1:56
  work
• 1:56
  a
• 1:57
  lot
• 1:57
  in
• 1:57
  the,
• 1:57
  in
• 1:57
  the
• 1:57
  restaurant
• 1:58
  space.
• 1:58
  You
• 1:58
  had
• 1:59
  McDonald's
• 1:59
  and
• 1:59
  you
• 2:00
  had
• 2:00
  Cosmics.
• 2:01
  You
• 2:01
  know,
• 2:01
  Cosmics
• 2:02
  was
• 2:02
  trying
• 2:02
  to
• 2:02
  break
• 2:02
  off
• 2:03
  into
• 2:03
  a
• 2:03
  little
• 2:03
  bit
• 2:03
  of
• 2:04
  the,
• 2:04
  you
• 2:04
  know,
• 2:04
  the
• 2:05
  specialty
• 2:05
  beverage,
• 2:06
  you
• 2:06
  know,
• 2:08
  space.
• 2:08
  There's
• 2:09
  no
• 2:09
  reason
• 2:09
  why
• 2:09
  you
• 2:09
  would
• 2:09
  think
• 2:10
  that
• 2:10
  McDonald's,
• 2:10
  with
• 2:11
  their
• 2:11
  scale
• 2:11
  and
• 2:11
  their
• 2:11
  success
• 2:12
  and,
• 2:12
  you
• 2:12
  know,
• 2:12
  their
• 2:12
  sophistication
• 2:13
  that
• 2:13
  they
• 2:13
  shouldn't
• 2:14
  have
• 2:14
  been
• 2:14
  able
• 2:14
  to
• 2:14
  be
• 2:14
  successful
• 2:15
  with
• 2:15
  that,
• 2:15
  but
• 2:16
  they
• 2:16
  just
• 2:16
  failed
• 2:17
  to,
• 2:17
  you
• 2:17
  know,
• 2:17
  at
• 2:18
  the
• 2:18
  end
• 2:18
  of
• 2:18
  the
• 2:18
  day,
• 2:18
  gain
• 2:19
  a
• 2:19
  lot
• 2:19
  of
• 2:19
  credibility
• 2:19
  with
• 2:19
  consumers.
• 2:21
  So
• 2:21
  that's
• 2:21
  where,
• 2:22
  that's
• 2:22
  the,
• 2:22
  where
• 2:22
  I
• 2:23
  think
• 2:23
  the
• 2:23
  risk
• 2:23
  is,
• 2:23
  is
• 2:23
  that,
• 2:24
  you
• 2:24
  know,
• 2:25
  you're
• 2:25
  creating
• 2:25
  a
• 2:25
  new
• 2:26
  brand.
• 2:26
  You're
• 2:27
  creating,
• 2:27
  you
• 2:27
  know,
• 2:28
  a
• 2:28
  new
• 2:28
  offering
• 2:29
  in
• 2:29
  a
• 2:29
  certain
• 2:29
  part
• 2:29
  of
• 2:29
  the
• 2:30
  market
• 2:30
  that
• 2:31
  maybe
• 2:31
  it
• 2:31
  hits
• 2:32
  with
• 2:32
  consumers,
• 2:32
  maybe
• 2:32
  it
• 2:32
  doesn't.
• 2:33
  So
• 2:33
  that's
• 2:33
  why,
• 2:34
  for
• 2:34
  me,
• 2:34
  it's
• 2:34
  a.
• 2:34
  It's
• 2:35
  an
• 2:35
  intriguing
• 2:35
  move.
• 2:37
  I
• 2:37
  understand
• 2:37
  the
• 2:38
  rationale
• 2:38
  behind
• 2:38
  it,
• 2:39
  but
• 2:39
  I
• 2:40
  think
• 2:40
  that
• 2:40
  there
• 2:40
  is
• 2:40
  some
• 2:40
  risk
• 2:40
  to
• 2:41
  it.
• 2:42
  So
• 2:42
  would
• 2:42
  you
• 2:42
  do
• 2:42
  it
• 2:43
  if
• 2:43
  you
• 2:43
  were
• 2:43
  them?
• 2:44
  Like,
• 2:44
  if.
• 2:45
  Would
• 2:45
  you
• 2:45
  make
• 2:45
  this
• 2:45
  move
• 2:46
  if
• 2:46
  you
• 2:46
  were.
• 2:46
  If
• 2:46
  you
• 2:46
  were
• 2:46
  Gap
• 2:47
  in
• 2:47
  Old
• 2:47
  Navy?
• 2:48
  I'm
• 2:49
  gonna
• 2:49
  go
• 2:49
  and
• 2:49
  say,
• 2:49
  no,
• 2:50
  I
• 2:50
  would
• 2:50
  not
• 2:50
  make
• 2:50
  this
• 2:51
  move.
• 2:51
  No,
• 2:51
  this
• 2:52
  is
• 2:52
  probably
• 2:52
  not
• 2:52
  where
• 2:53
  I
• 2:53
  would
• 2:53
  spend
• 2:54
  my
• 2:54
  dollars
• 2:54
  and
• 2:54
  resources
• 2:55
  and
• 2:55
  kind
• 2:56
  of
• 2:56
  thinking
• 2:56
  about,
• 2:57
  you
• 2:57
  know,
• 2:58
  on,
• 2:58
  on,
• 2:59
  on
• 2:59
  where.
• 2:59
  Where
• 3:00
  to
• 3:00
  play
• 3:00
  and
• 3:00
  kind
• 3:00
  of
• 3:00
  how
• 3:01
  to
• 3:01
  win.
• 3:01
  But,
• 3:02
  you
• 3:02
  know,
• 3:02
  that's.
• 3:02
  That's
• 3:03
  just
• 3:03
  me.
• 3:03
  That's
• 3:03
  my,
• 3:04
  that's
• 3:04
  my.
• 3:05
  That's
• 3:05
  my
• 3:05
  gut
• 3:05
  reaction
• 3:06
  to
• 3:06
  it.
• 3:07
  That's
• 3:07
  why
• 3:07
  we
• 3:07
  do
• 3:07
  this
• 3:07
  show.
• 3:08
  All
• 3:08
  right,
• 3:08
  Jed,
• 3:08
  do
• 3:09
  you
• 3:09
  agree
• 3:09
  or
• 3:09
  disagree
• 3:10
  with
• 3:10
  John?
• 3:10
  Would
• 3:10
  you
• 3:11
  make
• 3:11
  this
• 3:11
  move?
• 3:11
  Finally?
• 3:12
  I
• 3:12
  get
• 3:12
  to
• 3:12
  disagree
• 3:13
  with
• 3:13
  John.
• 3:13
  Yes.
• 3:15
  I
• 3:16
  mean,
• 3:16
  yes,
• 3:16
  the
• 3:16
  category
• 3:17
  is
• 3:17
  crowded,
• 3:17
  but
• 3:17
  more
• 3:18
  crowded
• 3:18
  at
• 3:18
  the
• 3:18
  high
• 3:18
  end.
• 3:19
  You
• 3:19
  think
• 3:19
  of,
• 3:19
  like,
• 3:19
  the
• 3:19
  Lululemon's
• 3:20
  Nikes
• 3:20
  Bre.
• 3:21
  Right?
• 3:21
  There's.
• 3:22
  But
• 3:22
  I
• 3:22
  think
• 3:22
  there's
• 3:23
  still
• 3:23
  space
• 3:23
  in
• 3:23
  accessible,
• 3:24
  everyday
• 3:25
  activewear,
• 3:25
  and
• 3:25
  I
• 3:26
  don't
• 3:26
  think
• 3:26
  that
• 3:26
  competes
• 3:27
  with
• 3:27
  Athleta
• 3:27
  either.
• 3:28
  So
• 3:29
  the
• 3:29
  risk
• 3:29
  is
• 3:29
  really
• 3:29
  trying
• 3:30
  to
• 3:30
  be
• 3:30
  everything
• 3:30
  or
• 3:30
  just
• 3:31
  becoming
• 3:31
  a
• 3:31
  cheaper
• 3:31
  version
• 3:32
  of
• 3:32
  those
• 3:32
  premium
• 3:33
  brands.
• 3:34
  But
• 3:34
  I
• 3:35
  think
• 3:35
  if
• 3:35
  they
• 3:35
  stay
• 3:35
  focused
• 3:36
  on
• 3:36
  a
• 3:36
  tight
• 3:37
  assortment,
• 3:37
  clear
• 3:38
  positioning
• 3:38
  and
• 3:39
  strong
• 3:39
  execution,
• 3:40
  there's
• 3:40
  a
• 3:40
  real
• 3:40
  opportunity
• 3:41
  to
• 3:41
  scale.
• 3:43
  Yeah,
• 3:43
  I,
• 3:43
  I'm
• 3:44
  with,
• 3:44
  I'm
• 3:44
  with
• 3:44
  you,
• 3:44
  Jen.
• 3:45
  No
• 3:45
  disrespect,
• 3:46
  John,
• 3:46
  but
• 3:46
  I'm
• 3:46
  with
• 3:46
  you.
• 3:47
  Like,
• 3:47
  I
• 3:47
  think
• 3:47
  I've
• 3:48
  always
• 3:48
  loved
• 3:48
  this
• 3:49
  idea.
• 3:49
  Like,
• 3:49
  I
• 3:50
  think,
• 3:50
  you
• 3:50
  know,
• 3:50
  it's,
• 3:51
  it's
• 3:51
  part
• 3:51
  and
• 3:51
  parcel
• 3:51
  of
• 3:51
  Clayton
• 3:52
  Christensen's
• 3:52
  disruption
• 3:53
  theory.
• 3:53
  Like,
• 3:53
  things
• 3:53
  always
• 3:54
  gravitate
• 3:54
  towards
• 3:54
  the
• 3:55
  lowest
• 3:55
  price.
• 3:55
  And
• 3:56
  I
• 3:56
  thought
• 3:56
  Fabletics
• 3:57
  had
• 3:57
  a
• 3:57
  right
• 3:57
  to
• 3:58
  claim
• 3:58
  this
• 3:58
  space,
• 3:59
  to
• 3:59
  take
• 3:59
  this
• 3:59
  mantle,
• 4:00
  but
• 4:00
  they
• 4:00
  didn't
• 4:01
  and
• 4:01
  they
• 4:01
  haven't.
• 4:02
  And,
• 4:02
  and
• 4:02
  my
• 4:02
  question
• 4:03
  is
• 4:03
  why?
• 4:04
  And
• 4:04
  so
• 4:04
  when
• 4:04
  you
• 4:04
  hear
• 4:04
  the
• 4:05
  numbers
• 4:05
  that
• 4:05
  Old
• 4:05
  Navy's
• 4:06
  already,
• 4:06
  like,
• 4:06
  according
• 4:07
  to
• 4:07
  their
• 4:07
  reporting,
• 4:07
  who
• 4:08
  knows
• 4:08
  how
• 4:08
  true
• 4:08
  it
• 4:08
  is,
• 4:08
  but
• 4:08
  they're.
• 4:09
  They're
• 4:09
  the
• 4:09
  fifth
• 4:09
  largest
• 4:10
  athleisure
• 4:10
  brand
• 4:10
  in
• 4:11
  the
• 4:11
  country.
• 4:11
  Like,
• 4:12
  yeah,
• 4:12
  then
• 4:12
  the
• 4:13
  space
• 4:13
  is
• 4:13
  ripe
• 4:13
  for
• 4:14
  the
• 4:14
  taking.
• 4:14
  And
• 4:15
  they
• 4:15
  have
• 4:15
  experience
• 4:15
  also.
• 4:16
  Old
• 4:16
  Navy
• 4:16
  has.
• 4:17
  And
• 4:17
  Gap
• 4:17
  has
• 4:17
  experience,
• 4:18
  you
• 4:18
  know,
• 4:18
  potentially
• 4:19
  working
• 4:19
  through
• 4:19
  the
• 4:19
  cannibalization
• 4:20
  factor
• 4:20
  of
• 4:20
  higher
• 4:21
  end
• 4:21
  brands,
• 4:21
  but
• 4:22
  still
• 4:22
  making
• 4:22
  a
• 4:22
  name
• 4:23
  for
• 4:23
  themselves
• 4:23
  in
• 4:23
  the
• 4:23
  category.
• 4:24
  Because
• 4:24
  you're
• 4:24
  right,
• 4:24
  it's
• 4:24
  a
• 4:25
  very
• 4:25
  distinct.
• 4:25
  It's
• 4:26
  a
• 4:26
  distinctly
• 4:26
  different
• 4:27
  purchase
• 4:27
  than
• 4:27
  higher
• 4:28
  premium,
• 4:28
  you
• 4:29
  know,
• 4:29
  Athletic
• 4:29
  wear.
• 4:30
  So
• 4:31
  that's
• 4:31
  one
• 4:31
  thing
• 4:32
  I
• 4:32
  like
• 4:32
  about
• 4:32
  it,
• 4:32
  but
• 4:32
  the
• 4:32
  second
• 4:33
  thing
• 4:33
  I
• 4:33
  like
• 4:33
  about
• 4:33
  it.
• 4:34
  And
• 4:34
  I'm
• 4:34
  going
• 4:34
  to
• 4:34
  bring
• 4:34
  producer
• 4:34
  Ellen
• 4:35
  on
• 4:35
  this
• 4:35
  one,
• 4:35
  too,
• 4:35
  because
• 4:36
  she's
• 4:36
  going
• 4:36
  to
• 4:36
  know
• 4:36
  where
• 4:36
  I'm
• 4:36
  going
• 4:37
  as
• 4:37
  soon
• 4:37
  as
• 4:37
  I
• 4:37
  say
• 4:37
  it.
• 4:38
  I
• 4:39
  think
• 4:39
  when
• 4:39
  you
• 4:39
  factor
• 4:40
  in
• 4:40
  the
• 4:40
  brand
• 4:41
  power
• 4:41
  of
• 4:41
  Gap,
• 4:42
  particularly
• 4:43
  and
• 4:44
  what
• 4:44
  its
• 4:44
  CEO,
• 4:45
  Richard
• 4:45
  Dixon,
• 4:46
  also
• 4:46
  as
• 4:46
  the
• 4:46
  leader,
• 4:47
  can
• 4:47
  put
• 4:47
  behind
• 4:47
  it,
• 4:48
  you
• 4:48
  have
• 4:48
  to
• 4:49
  factor
• 4:49
  that
• 4:49
  into
• 4:49
  whether
• 4:50
  or
• 4:50
  not
• 4:50
  this
• 4:50
  can
• 4:50
  be
• 4:51
  successful.
• 4:51
  Because,
• 4:52
  Ella,
• 4:52
  I
• 4:53
  mean,
• 4:53
  the
• 4:53
  new
• 4:54
  ad
• 4:54
  campaign
• 4:54
  sweat
• 4:55
  like
• 4:55
  this,
• 4:55
  I
• 4:55
  said
• 4:56
  that
• 4:56
  to
• 4:56
  you
• 4:56
  immediately
• 4:57
  when
• 4:57
  I
• 4:57
  saw
• 4:57
  that.
• 4:58
  That's
• 4:58
  even
• 4:58
  before
• 4:58
  Old
• 4:59
  Navy
• 4:59
  Sport.
• 5:00
  That
• 5:00
  thing
• 5:00
  was
• 5:00
  so
• 5:01
  fricking
• 5:01
  hot.
• 5:02
  Like,
• 5:03
  I
• 5:03
  mean,
• 5:03
  it
• 5:03
  just
• 5:04
  blew
• 5:04
  your
• 5:04
  mind,
• 5:04
  right?
• 5:04
  Like,
• 5:05
  you
• 5:05
  and
• 5:05
  I
• 5:05
  are
• 5:05
  watching
• 5:06
  it
• 5:06
  together.
• 5:06
  Like,
• 5:06
  this
• 5:06
  is
• 5:07
  amazing.
• 5:08
  Yeah.
• 5:08
  I
• 5:08
  think
• 5:08
  my
• 5:08
  response
• 5:09
  to
• 5:09
  you
• 5:09
  was
• 5:09
  genius,
• 5:10
  period.
• 5:11
  Yeah.
• 5:11
  But
• 5:11
  it
• 5:11
  was
• 5:12
  so
• 5:12
  good.
• 5:12
  And
• 5:12
  so
• 5:12
  if
• 5:13
  you
• 5:13
  unleash
• 5:13
  that
• 5:13
  brand
• 5:14
  power
• 5:14
  on
• 5:15
  what
• 5:15
  is,
• 5:16
  to
• 5:16
  Jen,
• 5:16
  to
• 5:16
  your
• 5:17
  point,
• 5:17
  an
• 5:17
  untapped
• 5:18
  market
• 5:18
  that
• 5:19
  no
• 5:19
  one
• 5:19
  has
• 5:19
  really
• 5:19
  laid
• 5:20
  claim
• 5:20
  to,
• 5:21
  I
• 5:21
  think
• 5:21
  there's
• 5:21
  a
• 5:21
  win
• 5:22
  there.
• 5:22
  But,
• 5:22
  Jen,
• 5:22
  what
• 5:22
  do
• 5:22
  you
• 5:22
  think?
• 5:23
  Close
• 5:23
  us
• 5:23
  out?
• 5:24
  Yeah.
• 5:24
  I
• 5:24
  mean,
• 5:24
  I
• 5:24
  worked
• 5:25
  with
• 5:25
  Richard
• 5:25
  back
• 5:25
  in
• 5:25
  the
• 5:25
  day,
• 5:26
  so
• 5:26
  I.
• 5:26
  Oh,
• 5:27
  wow.
• 5:29
  He's
• 5:29
  incredible.
• 5:30
  So
• 5:30
  if
• 5:30
  there's
• 5:31
  anybody
• 5:31
  who
• 5:31
  can
• 5:31
  do
• 5:31
  it,
• 5:31
  it's
• 5:32
  him.
• 5:32
  And
• 5:32
  I
• 5:33
  think
• 5:33
  he's
• 5:33
  going
• 5:33
  to
• 5:33
  make
• 5:33
  a
• 5:33
  play
• 5:34
  and
• 5:34
  making
• 5:34
  a
• 5:34
  name
• 5:35
  for
• 5:35
  Old
• 5:35
  Navy
• 5:36
  in
• 5:36
  a
• 5:36
  similar
• 5:36
  fashion,
• 5:37
  but
• 5:37
  also
• 5:37
  after
• 5:37
  families.
• 5:39
  Gap
• 5:39
  and
• 5:39
  Old
• 5:39
  Navy
• 5:39
  both
• 5:40
  have
• 5:40
  the
• 5:40
  ability
• 5:40
  to
• 5:40
  go
• 5:40
  after
• 5:41
  family.
• 5:41
  So
• 5:41
  you
• 5:42
  get
• 5:42
  that
• 5:43
  athleisure,
• 5:43
  breadth
• 5:44
  and
• 5:44
  depth.
• 5:44
  That's
• 5:45
  hard
• 5:45
  to
• 5:45
  say,
• 5:45
  right?
• 5:45
  Yeah,
• 5:46
  it's
• 5:46
  a
• 5:46
  mouthful,
• 5:47
  especially
• 5:47
  at
• 5:47
  this
• 5:47
  hour,
• 5:47
  but
• 5:49
  you
• 5:49
  get
• 5:49
  that
• 5:49
  breadth
• 5:50
  and
• 5:50
  depth
• 5:50
  right
• 5:51
  across
• 5:51
  the
• 5:51
  family.
• 5:52
  And
• 5:52
  I
• 5:52
  think
• 5:52
  that's
• 5:53
  also
• 5:53
  an
• 5:53
  amazing
• 5:54
  play
• 5:54
  versus
• 5:54
  some
• 5:55
  of
• 5:55
  the
• 5:55
  other
• 5:56
  brands
• 5:56
  that
• 5:56
  we
• 5:56
  discuss,
• 5:57
  which
• 5:57
  tend
• 5:58
  to
• 5:58
  skew
• 5:58
  a
• 5:58
  little
• 5:58
  bit
• 5:59
  older
• 5:59
  or
• 6:00
  adult
• 6:00
  oriented
• 6:01
  or
• 6:01
  just
• 6:01
  are
• 6:01
  a
• 6:01
  little
• 6:01
  bit,
• 6:01
  you
• 6:02
  know,
• 6:02
  given
• 6:02
  the
• 6:02
  macroeconomic
• 6:04
  situation
• 6:05
  that
• 6:05
  we
• 6:05
  were
• 6:05
  talking
• 6:05
  about,
• 6:06
  that's
• 6:06
  expensive
• 6:06
  to
• 6:07
  buy
• 6:07
  all
• 6:07
  of
• 6:07
  that
• 6:07
  athleisure
• 6:08
  for
• 6:08
  a
• 6:08
  family.
• 6:08
  So
• 6:09
  I
• 6:09
  think
• 6:09
  it's
• 6:09
  the
• 6:09
  right
• 6:09
  play.
• 6:10
  And
• 6:10
  again,
• 6:10
  I'm
• 6:11
  really
• 6:11
  happy
• 6:11
  that
• 6:11
  I
• 6:11
  get
• 6:12
  to
• 6:12
  have
• 6:13
  a
• 6:13
  counter
• 6:13
  to
• 6:13
  John's
• 6:14
  perspective
• 6:14
  on
• 6:15
  this
• 6:15
  one.
• 6:16
  It's
• 6:16
  always
• 6:17
  good.
• 6:17
  We
• 6:17
  get
• 6:17
  the
• 6:17
  debate
• 6:17
  going,
• 6:18
  too.
• 6:18
  All
• 6:18
  right,
• 6:18
  Jen,
• 6:19
  I've
• 6:19
  got
• 6:19
  to
• 6:19
  ask
• 6:19
  you,
• 6:19
  because
• 6:19
  I
• 6:19
  didn't
• 6:20
  know
• 6:20
  that.
• 6:20
  So.
• 6:20
  What?
• 6:20
  What?
• 6:21
  Because
• 6:21
  I've
• 6:21
  heard
• 6:21
  a
• 6:21
  lot
• 6:22
  of
• 6:22
  good
• 6:22
  things
• 6:22
  about
• 6:22
  him
• 6:22
  as
• 6:22
  well.
• 6:23
  What
• 6:23
  makes
• 6:23
  him
• 6:23
  so
• 6:24
  special
• 6:24
  as
• 6:24
  a
• 6:25
  leader?
• 6:25
  I
• 6:26
  think
• 6:26
  he's
• 6:26
  a
• 6:26
  visionary.
• 6:27
  You
• 6:27
  know,
• 6:27
  what
• 6:27
  he
• 6:27
  did
• 6:27
  with
• 6:27
  Barbie
• 6:28
  was
• 6:28
  pretty
• 6:29
  impressive.
• 6:30
  And.
• 6:30
  And
• 6:31
  I
• 6:31
  was
• 6:31
  excited
• 6:32
  when
• 6:32
  I
• 6:32
  heard
• 6:32
  that
• 6:32
  he
• 6:32
  was
• 6:33
  taking
• 6:33
  on
• 6:33
  this
• 6:33
  responsibility
• 6:34
  at
• 6:35
  Gap
• 6:35
  Inc.
• 6:36
  And
• 6:36
  so
• 6:36
  I
• 6:36
  think
• 6:36
  we'll
• 6:37
  see
• 6:37
  a
• 6:37
  lot
• 6:37
  more
• 6:37
  from
• 6:37
  him
• 6:37
  in
• 6:37
  the
• 6:38
  future.
• 6:38
  Yeah.
• 6:39
  That's
• 6:39
  awesome.
• 6:39
  That's
• 6:39
  great
• 6:39
  to
• 6:40
  hear.