Never miss a deal. Be the first to know.
Any Time
Any Time
Gap Us Closes Stores In 2006, Gap Inc. acquired direct-to-consumer sportswear company Athleta for $148 million. The deal marked the first such acquisition since Banana Republic, which was purchased 25 years ago. In 2013, the company purchased specialty retailer Intermix for $130 million, a company that sells third-party designer clothing. Intermix operates 30 stores nationwide and has an e-commerce site. According to the company's financial reports, combined sales from its secondary brands amounted to $729 million in 2014. In addition to announcing plans to close stores, Gap has pledged to streamline its operations so that it can react faster to current trends. Although the news is devastating for thousands of employees, Kissane says the move is necessary to keep pace with the changing times. According to Kissane, the company is experiencing rapid growth in internet sales, which grew to 13% of global apparel retailing in 2014 from just 5% in 2009. With this growth, Gap needs to provide its customers with an excellent product and a powerful brand message that can be heard worldwide. Since 1969, Gap has become an iconic part of American style. Its iconic denim and laid-back classics have helped the company establish itself as the go-to brand for the effortless jeans and T-shirt look. Despite its name, the company has always been about good value and excellent service. The company offers everything from jeans to fashion apparel to accessories. The men's line has also been a staple in American wardrobes.
