Gap news and archive

Gap narrows Q1 losses despite drop in sales

US fashion and lifestyle giant Gap reported a 6 percent drop in sales in the first quarter of the year, but its stock price jumped as its losses narrowed. In the three months ended April 29, the retailer made sales of 3.28 billion dollars compared to the 3.48 billion dollars it reported a year earlier amid a backdrop of rising inflation and...

Business

Gap's redundancies will save it 300 million dollars per year

Gap has announced that it will be cutting 1,800 jobs in its latest round of redundancies. This comes on top of the 500 corporate redundancies that the company announced in September 2022. The move is expected to save Gap approximately 300 million dollars per year. In a statement, Bob Martin, executive chairman and interim CEO at Gap, explained...

Retail

Gap to axe around 1,800 jobs

Gap, Inc., a clothing and accessories retailer, in a filing with the Securities and Exchange Commission, said that it is axing upper field and headquarters workforce by around 1,800, to further simplify and optimize its operating model and structure. Towards this, the company expects to incur about 100 million dollars (about 80 million pounds)...

Fashion

Gap teams up with Mattel and Barbie

Clothing brand Gap and toy manufacturer Mattel have announced a new apparel collaboration featuring multiple collections inspired by Mattel’s portfolio of brands and Gap’s signature styles. The first collaboration from the Gap x Mattel product drops will focus on Barbie with a range designed to offer something for the “entire family”. The Gap x...

Business

France's Ohayon empire and its string of subsidiaries

Bordeaux - Chain shops but also palaces, buildings, coffee, wine, higher education institutions or a spa: French businessman Michel Ohayon, who has recently been in the sights of the Paris public prosecutor's office, has invested in just about everything with his family. After the liquidation of clothing chain Camaïeu and the receivership of Go...

BusinessFeatured

Gap reports tough Q4, rejigs leadership team

Fourth quarter net sales at Gap, Inc. of 4.24 billion dollars, were down 6 percent compared to last year, and comparable sales were down 5 percent. The company’s store sales decreased 3 percent compared to last year, while online sales decreased 10 percent and represented 41 percent of total net sales. For the full year, the company’s net sales...

BusinessFeatured

H&M, Zara and Gap among brands found to be unfairly treating Bangladesh suppliers

A new report by Transform Trade has found a number of major high street fashion retailers to be paying and treating their Bangladeshi suppliers “unfairly”. The likes of H&M, Gap, Next, Primark and Zara are among the brands named for paying factories below the cost of production. Entitled ‘Impact of Global Clothing Retailers’ Unfair Practices on...

Business

Brands attempt to cover tracks following PETA investigation into down suppliers

Following an investigation into Vietnam-based down suppliers, a number of retailers have reportedly attempted to cover their tracks and remove any links to producers of the material. The People for the Ethical Treatment of Animals (PETA) unveiled its findings from its investigation into Vietnamese farms and slaughterhouses last month, revealing...

Business

Patagonia sues Gap for copying an icon of its designs

Outdoor clothing retailer Patagonia has filed a lawsuit against Gap Inc for copying its iconic flap pocket. The American brand said the design has been used on its fleeces for over three decades. In a filing in a San Francisco federal court, Patagonia claims Gap’s fleece has striking similarities, featuring a similar rectangular logo above the...

Fashion Featured

Gap Inc confirms Banana Republic is returning to the UK

Gap Inc. confirms that Banana Republic and Athleta will start selling within the UK and Ireland again through its joint venture with Next announced in September 2021, where Next owns 51 percent and Gap owns 49 percent. The move builds on the success of the Gap partnership, which has seen the apparel brand reintroduced to the British high street...

BusinessFeatured

Gap posts profit as Q3 sales increase

Third quarter net sales at Gap Inc. of 4.04 billion dollars, were up 2 percent compared to last year, while comparable sales were up 1 percent year-over-year. The company's reported net income was 282 million dollars and adjusted net income was 260 million dollars. The company anticipates that total company net sales could be down mid-single...

People

Gap appoints new board member

Gap has appointed Richard Dickson to its board of directors. Dickson is currently the president and chief operating officer of global toy company Mattel, and previously served as president and CEO of the branded businesses at The Jones Group, a designer, marketer, and wholesaler of lifestyle brands. He is also the founder of high-end cosmetics...