Gap Inc. Chief Executive Richard Dickson has a theory: a brand cannot sell its way out of irrelevance.

Touring the remodeled Gap flagship store in Manhattan’s Flatiron District during an interview for Fortune’s “Behind the Business” video series, Dickson paused beneath framed photographs by Annie Leibovitz and Bruce Weber showing Debbie Harry, Willie Nelson, and Lauren Hutton sporting Gap’s classic American casualwear. Nearby hang large photos of Hailey Bieber, a “Gap girl” of today, promoting her new denim line with the brand. The Flatiron remodel also reflects a leaner real-estate posture: Gap Inc. announced in 2020 that it would close roughly 350 Gap and Banana Republic stores in North America, leaving the remaining flagships to carry more of the load as brand showcases.

The juxtaposition captures the strategy of Dickson, who became CEO in 2023 after a tumultuous stretch in which Gap Inc. cycled through five chief executives in five years: reconnecting the company’s namesake chain with the cultural conversation. To that end, he hired designer Zac Posen as Gap Inc.’s creative director and Old Navy’s chief creative officer, invested in celebrity collaborations, and leaned into the company’s history. That history runs deep: the company opened its first store in San Francisco in 1969 selling Levi’s and records, and its black-and-white celebrity ad campaigns of the late 1980s and 1990s made the brand a fixture of American pop culture. The stakes also extend beyond the namesake chain: Gap Inc.’s portfolio includes Old Navy, Banana Republic, and Athleta, with Old Navy the biggest of the four by sales, which is why Posen’s brief spans both flagship brands.

“We had great storytelling and brands, but somewhere along the way, we lost the story and became more about the stuff,” Dickson said in the interview. “Cultural connection and relevance actually are a fundamental part of brand management.”

The early results are encouraging. Gap comparable sales rose 10% in the first quarter, extending a two-year streak of growth. The brand’s “Better in Denim” campaign with global girl group Katseye generated a viral Busby Berkeley-style dance number that has been viewed 80 million times, while a limited-edition hoodie collaboration sold briskly. Victoria Beckham, Malcolm Todd, and Inde Navarrette have also joined the effort, and Old Navy is working with Cardi B on denim.

Cultural heat, however, is not the same thing as a successful turnaround. Many apparel retailers have posted sales growth this year, but some of that reflects broader inflation. The real test is whether Gap can raise prices because shoppers want its t-shirts and jeans enough to pay more for them. Gap Inc. shares are down 20% this year, and the company’s revival remains, as Guggenheim analyst Simeon Siegel put it, a “show-me” story.

“What is the purpose of cultural relevance?” Siegel asked. “It should be to drive revenues, and also drive prices.”

That is the takeaway so far from Gap’s effort: a legacy brand’s past can be an asset, but only if it supplies a credible bridge to the present. Dickson learned that at Mattel, where he spent years as an executive — ultimately as president and chief operating officer — helping steer Barbie back to cultural prominence and laying the groundwork for the megahit film based on the doll. Greta Gerwig’s 2023 “Barbie” grossed more than $1.4 billion worldwide, a reminder of how far a legacy brand’s reinvention can reach.

At Mattel, cultural relevance came with a blockbuster ending. At Gap, the sequel is still in production.

The piece appeared in Fortune’s CEO Daily newsletter, written by Phil Wahba from New York. The same edition also covered who sits on Mayor Mamdani’s business council and markets holding in a holding pattern ahead of Fed chair Kevin Warsh’s Jackson Hole keynote. Readers can reach CEO Daily via Diane Brady at diane.brady@fortune.com. This story was originally featured on Fortune.com.