@LaughinPaulRyan
4 years ago
Gap Inc. (GPS), which also owns the Old Navy and Banana Republic brands, swung to a $932 million loss in the three months to May 2, a period when 90% of its more than 3,300 stores around the world were closed due to the coronavirus pandemic. Sales fell 43% to $2 billion.
As stores reopen, Gap is squabbling with landlords, including Simon Property Group, the country's largest mall owner, over unpaid rent. Even before the pandemic, the Gap brand had been closing stores and analysts expect it to shrink further.
@LaughinPaulRyan
4 years ago
Gap rose to fame in the 1990s by dressing a generation of Americans in its khakis and T-shirts, but has since been overtaken by fast-fashion chains and new e-commerce players. Its sales have declined each year since 2013, dragging down results at parent Gap Inc.(GPS), where its new chief executive, Sonia Syngal, is trying to fashion a turnaround in the middle of a pandemic.
Ms. Syngal told the Journal in May that she is using the upheaval created by the coronavirus pandemic "to refashion the company for what we want it to look like over the next 50 years."
Mr. West, who is married to media phenom and entrepreneur Kim Kardashian, has long held fashion aspirations. In 2009, he interned at the Italian fashion house Fendi. His high-end line of Yeezy sneakers for Adidas, first introduced in 2015, are released in limited quantities and quickly sell out.
As recently as 2018, he had hoped to become artistic director of Louis Vuitton menswear. After some false starts, Yeezy returned to the fashion runway this year with a show in Paris that garnered positive reviews.
At Yeezy's Cody, Wyo., studio, Mr. West has been working on perfecting the hoodie. His version is chunky and slightly cropped at the waist. "The hoodie is arguably the most important piece of apparel of the last decade," Mr. West told the Journal in March.
A version of the hoodie -- along with T-shirts and jeans for men, women and children -- will be available at Gap stores and on its website beginning next year. Prices will be in line with Gap's other offerings, according to a company spokeswoman.
Brands are increasingly teaming up with musicians and other celebrities as they struggle to stay relevant. Last year, the singer Rihanna partnered with LVMH Moët Hennessy Louis Vuitton SE to create a new label called Fenty, while Lady Gaga signed a deal with Amazon.com Inc. to create a beauty collection for the online retailer.
barnyarddog
5 years ago
7.40 Gap Inc. Announces Temporary Closure of Stores in North America
SAN FRANCISCO, March 18, 2020 /CNW/ - Gap Inc. (NYSE: GPS) today announced that, as a result of the escalating COVID-19 pandemic, it will temporarily close its Old Navy, Athleta, Banana Republic, Gap, Janie and Jack and Intermix stores across North America, effective March 19.
"Our focus remains on supporting the health and livelihood of our employees, while caring for our customers and communities. We will provide our impacted store employees with pay continuity and benefits during this two-week period. And, together, we look forward to welcoming our customers back in our stores soon."
"To assist the efforts underway to slow the spread of the coronavirus, we are closing all stores in North America for the next two weeks," said Sonia Syngal, incoming CEO, Gap Inc. "Our focus remains on supporting the health and livelihood of our employees, while caring for our customers and communities. We will provide our impacted store employees with pay continuity and benefits during this two-week period. And, together, we look forward to welcoming our customers back in our stores soon."
All of the portfolio's brands continue be available for customers through e-commerce channels: www.oldnavy.com, www.gap.com, www.gapfactory.com, www.bananarepublic.com, www.bananarepublicfactory.com, www.athleta.com, www.janieandjack.com and www.intermix.com,
To follow the latest news from Gap Inc., visit https://corporate.gapinc.com/en-us/news.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal year 2019 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through company-operated stores, franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.