July 1, 2021
Gap will no longer have a physical presence in the UK and Ireland, the main markets in Europe. American Fashion Group (Gap, Banana Republic, Old Navy, Athleta) decided last October Failing to deal directly Your activities nOld Continent. The company said it would close 81 stores in the UK and Ireland on June 30. In France and Italy, it has identified local partners who may continue to run the brand.
The group made it clear that the decision did not represent an exit from the UK and Ireland, as it intends to maintain its online operation. However, Gap’s British website will be managed by an unnamed partner in the future.
For stores, closures between the end of August and the end of September are very fast. Not only for commercial arteries, but also for employment. The number of jobs affected by this withdrawal does not communicate with the group, which makes it clear that it is preparing to begin a consultation process with its staff.
In France, Gap Financier negotiated with immobilizer Bordelise, whose entity through Hermione People & Brands (created around the acquisitions of Camus and Go Sport), now manages on a regular basis. Franchise Gap’s 21 French stores. Of the 372 French officers, 358 returned. In Italy, the group says it has held talks with a partner and has not disclosed.
During fiscal year 2020 (ending January 30, 2021), group sales fell 16 percent to $ 13.8 billion (6 11.6 billion). In retail, online sales grew 54% in one year, while in-store activity declined 39%. The California-based company reported a net loss of $ 665 million. In 2019, it had a profit of $ 351 million.
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