Gap
TRENDING TODAY
When Gap appeared on British high streets in 1987, its particular brand of all-American fashion proved an instant hit. Three decades on, however, it had lost its distinctive appeal and yesterday (July 1) shuttered all 81 of its UK stores. So, where did it go wrong?
The closure of Gap stores was not a total shock. The fashion giant hinted at troubles earlier this year when it said that it was reviewing the profitability of 19 outlets. Global sales for Gap Inc, which includes sister brands Old Navy and Banana Republic, were down 16% to $16.4bn last year.
But the decision to pull out of the UK and Ireland, with the estimated loss of more than 1,000 jobs, was unexpected. “The closure of Gap’s bricks and mortar brand definitely feels like a big one, up there in Woolworths and HMV stakes as a fallen high street idol,” says Ben Mooge, chief creative officer at Publicis Groupe UK.
Operator
Good afternoon, ladies and gentlemen. My name is Justin and I will be your conference operator today. At this time, I would like to welcome everyone to the Gap Inc. first-quarter 2021 conference call.
[Operator instructions] I would now like to introduce your host, Steven Austenfeld. Please go ahead.
Steve Austenfeld
Head of Investor Relations
Thanks, Justin. Good afternoon, everyone, and thanks for joining us today. Welcome to Gap Inc. s first-quarter 2021 earnings conference call. Before we begin, I d just like to remind you that the information that the information made available on this webcast and earnings call contains forward-looking information.
April 21, 2021
SAN FRANCISCO April 21, 2021 Gap Inc. is celebrating Earth Day! Its purpose-led lifestyle brands: Old Navy, Gap, Banana Republic, and Athleta, are working hard on progress towards their bold sustainability commitments. Last week, Old Navy announced its goal to eliminate plastic shopping bags by 2023 in the U.S., Canada, and Mexico and to have all North America stores participating in its hanger recycling program by the end of 2021.
“Reducing waste is an important part of our commitment to protecting natural resources and ensuring healthy communities for generations to come,” said Sally Gilligan, Head of Strategy at Gap Inc. “We’re proud to continue advancing progress towards our sustainability goals through leading innovation and industry partnerships.”
APR 22, 2021
This week, a look at the potential for a waste-fueled fashion industry, including a check-in on denim’s circularity efforts.
The denim industry is doing damage control.
After decades of bad PR and being called the “most polluting” garment, denim-focused brands are making headway in becoming more sustainable. That’s largely been driven by a combination of collaboration, prioritization and expanded opportunities to scale.
Even fast-denim brands are making progress, with Guess announcing this week an expansion of its sustainability goals, based on great progress. And according to its manufacturer, Zara is “ahead of the game” on denim sustainability.