Gap is back on the brink, selling the latest fashion lines through Next stores and websites
GAP won a new life lease on High Street after announcing its partnership with Next.
US retailers have decided to close 81 stores in the UK and Ireland earlier this year after sluggish sales.
However, the contract with NEXT reveals that the brand that first came to the UK in 1987 will continue to physically exist in the center of town.
Partnership: Gap clothing will be offered within the selected Next Store, and Next’s total platform will also host Gap’s online shopping business.
Gapware is provided within the next store of your choice. Next’s Total platform will also host Gap’s online shopping business.
The joint venture will be 51% owned by Next and 49% owned by Gap.
Mark Breitbard, CEO of Gap Global, said the company plans to “meet customers in the UK and Ireland who are currently shopping.”
The Gap decision to close 81 stores was of little surprise to fashion industry professionals.
Formerly famous for offering American classics such as jeans, khakis and hoodies at affordable prices, the brand remains relevant in markets where retailers such as Uniqlo and Weekday can keep up with trends. I was having a hard time.
However, High Street was still hit. High Street has lost brands such as Topshop, Debenhams and Caskidson in recent years.
Storeboy: Sir Wolfson joined NEXT as a sales consultant for the Kensington Store in 1991 and soared in rank before becoming CEO in 2001.
Online retailers Asos and Boohoo own the Topshop and Debenhams brands, respectively.
Next has about 500 stores in the UK and Ireland and is moving rapidly towards innovation.
We signed a contract with US lingerie brand Victoria’s Secret to operate a UK business, and just a few months ago we acquired a 25% stake in a luxury leasing company that provides warehousing and distribution services.
We expect to generate £ 750m in pre-tax profit this year.
Sir Wolfson, 53, Chief Executive Officer, said:
Wolfson, who joined Next as a sales consultant for the Kensington store in 1991 and soared before becoming CEO in 2001, transformed a tired high street chain into a giant retailer with an online presence. Has been leading. Asos and Boohoo.
Its online marketplace hosts third-party brands such as River Island, Ted Baker and Superdry.
Gap returns from the brink and sells the latest line at the Next Store
Source link Gap returns from the brink and sells the latest line at the Next Store