san francisco - and wanna know what the memo said? cheap clothes = success. personally, i think they've remained reasonably priced over the years, but company president tom wyatt doesn't. in an interview with reuters he confessed that "we got a little bit too expensive." as a result they are taking it way down. like under $20 a piece down. look for old navy staples like flip flops, jeans, shirts and dresses to be dirt cheap going forward. (p.s is it just me or is he kind of cute?)
image: tom wyatt, from wwd.com
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