Gap to fill? Fears for clothing retailer as it plans to close all European stores

Gap’s story began with San Francisco couple Donald and Doris Fisher’s quest to make it easier for shoppers to find a pair of jeans that fit them well.

Together, they raised $ 63,000 and successfully opened their first store on Ocean Avenue in 1969, choosing their name based on the perceived generational gap at the time.

The store only sold Levi’s jeans and tapes, but its popularity grew so quickly that it opened a second store the following year. By 1972, it had 25 locations across the United States.

During the 1970s, she began launching her own clothing brands as she became a dominant force in the US clothing market. In 1976, it went public with an initial offering of 1.2 million shares at $ 18 per share.

In 1982, she bought Banana Republic and opened her first Gap Kids store in 1986.

After opening its first store in 1969, Gap quickly grew to have 25 locations across the United States in 1972, opening its first store in London in 1987.

After nearly 20 years of growth in America, the clothing giant decided to cross the pond in 1987 and opened its first store outside the United States in London.

Four years later, he ditched Levi’s jeans, and a year later, models posed on the cover of Vogue Magazine’s 100th anniversary issue wearing Gap-branded jeans and woven shirts.

By 1995, the brand was opening stores around the world, such as Gap and Gap Kids in Tokyo, Japan.

The boom of the 1990s was overseen by Millard ‘Mickey’ Drexler as CEO, and saw the company open its Old Navy brand, which offered low-cost clothing for customers.

After 29 months of declining sales, Mr. Drexler stepped down as CEO in 2002.

A year later, the Old Navy brand went international, and in 2003 Madonna and Missy Elliott starred in an advertisement for Gap’s fall designs.

Madonna and Missy Elliott appeared in an advertisement for Gap in 2004, as part of the giant's publicity success in the late 90s and early 2000s

Madonna and Missy Elliott appeared in an advertisement for Gap in 2004, as part of the giant’s publicity success in the late 90s and early 2000s

The late 90s and early 2000s saw many famous faces appear in the retailer’s advertising campaigns, including Sarah Jessica-Parker in 2004.

After 35 years of service, Co-Founder Donald Fisher stepped down as Chairman of the Board in 2004, continuing to serve on the Board with the title of Chairman Emeritus until his death in 2009.

In 2006, Gap was among retailers involved in a series of labor rights protests after allegations of poor working conditions at factories abroad surfaced.

The allegations came in the same year he launched doomed online retailer PaperLime, which shut down in 2015.

Barack Obama's proposal to raise the federal minimum wage was backed by Gap in 2014, but the company has struggled to attract clients since then.

Barack Obama’s proposal to raise the federal minimum wage was backed by Gap in 2014, but the company has struggled to attract clients since then.

The following year he closed his business Forth and Towne, the 40-plus-year-old women’s store closed after just 18 months.

During the 2000s, Gap Inc saw Banana Republic go international with a store in Japan, while also acquiring Athleta, a women’s sportswear catalog company.

For the past 10 years, he has mainly focused on acquisitions, picking up American luxury brand Intermix in 2013.

Barack Obama visited one of his U.S. stores in 2014, with the company becoming the first major U.S. retailer to change its starting minimum hourly wage from $ 9 (£ 6.87) in 2014 to $ 10 (7 , £ 63) in 2015.

On the occasion of its 50th anniversary, Gap’s announced that its CEO, Art Peck, will be leaving the company, no reason has been given.

According to Forbes, the Fisher family lost $ 1 billion last year.


Source link

Anne G. Cash

Leave a Reply

Your email address will not be published. Required fields are marked *