The rise and fall of the Gap: The iconic but beleaguered brand is counting on a new CEO poached from Mattel

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Gap was once one of America's most beloved apparel retailers, known for its laid-back basics and classic denim. The company announced Mattel executive Richard Dickson will become Gap's new CEO. Here's the story of the company's rise to mall brand darling and eventual fall from grace. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Gap announced on Wednesday that its new CEO will be Mattel executive Richard Dickson. Dickson has been credited with reviving the Barbie franchise during his tenure at the toy company. Gap is hoping he'll produce similar results after years of sales woes and strategic missteps. Dickson is scheduled to begin his new position in August. For decades, Gap was one of the most beloved retailers in the US and an emblematic part of American fashion and style. With its laid-back classics and iconic denim, the company became the go-to destination to obtain the effortless jeans-and-t-shirt look at an accessible price. Its vibrant marketing campaigns brimmed with catchy jingles and popular celebrities, and for a period in the 1990s and early 2000s, it seemed impossible to walk down a street in the US without seeing a Gap sweatshirt. However, the retailer has been caught in an uphill battle for relevance in an era where mall brands continue to lose their luster, falling behind trendy e-commerce sites and direct-to-consumer brands. Gap suddenly went from basic to bland, and now even bright spots like Old Navy, which is part of the brand's portfolio, may be losing their footing. Though Gap still remains the largest specialty retail company in the US — in addition to its namesake company and Old Navy, it also operates Banana Republic and Athleta — whether it will be able to gain relevance remains to be seen. Here's a look at Gap's humble beginnings of selling Levis and records, through its meteoric rise across America to its eventual fall.