"I don't think it was wellpublicized," said Kate Casey, 30, a registered nurse from New York who said she had not shopped at Gap in two years and came only to buy the dresses. "I even went online, and they didn't have this on the website."
To boost holiday sales, CEO Pressler introduced a television commercial for the Gap brand after an absence last year and increased radio and direct mail for its Old Navy chain. On the Friday after Thanksgiving, more than 150 Gap outlets opened at midnight, compared with about 10 last year.
The third-quarter introduction of skinny black pants with advertising featuring Audrey Hepburn and clothes supporting the AIDS campaign by U2 singer Bono also failed to boost traffic.
"We have lost confidence in management's ability to source the right product," Todd Slater, an analyst at Lazard Capital Markets, wrote in a note to investors. He lowered Gap's rating to "hold" from "buy" on Nov. 30.
In addition to the Mouret partnership, Gap is working with a number of other individuals, spokeswoman Carr said.
"It's encouraging to see they are trying different avenues," said Lawrence Creatura, a portfolio manager at Rochester, N.Y.-based Clover Capital Management, who said he would consider buying Gap shares if sales improved.
The key is to convert shoppers such as Barbara Saunders, 48, a museum curator from Ormond Beach, Fla. Saunders, who had not been to a Gap store in two years, bought three Mouret dresses and browsed through other racks.
"I was shocked there were so many cute things," she said. "I'm going to try to encourage my girls to shop here."
