Gap Inc. has announced that Tom Wyatt, president of its Old Navy brand, has resigned in order to take a position at another company outside of the apparel retail business, effective Feb. 3.
Gap Inc. reported Thursday that profit for the third quarter dropped 36% to $193 million, compared with $303 million a year earlier, as the retailer continued a deep discounting trend and encountered rising production costs.
Gap executives reaffirmed its commitment to reducing square footage at home, aggressive international expansion and online growth during a presentation at Gap Global Creative Center in New York City.
Gap Inc. announced that it has opened its first Banana Republic store in Russia through its franchise channel. The company also announced that it will open its first Gap store in Serbia on Friday.
Gap Inc.'s online boutiqe Piperlime announced that Rachel Bilson, Olivia Palermo and Byrdie Bell will join Rachel Zoe as guest editors to kick off the fall season.
Gap Inc. announced that it plans to open its first stores in Vietnam and Guam through its franchise channel. In Vietnam, the first Gap stores will open this October followed by the first Banana Republic store in 2012.
Gilt Groupe, an online retailer that specializes in selling sought-after brands at discounted prices to its 3.5 million members, has partnered with Banana Republic to offer its members exclusive access to select pieces from the retailer's upcoming "Mad Men" collection.
At an investor conference on Thursday, Gap CEO Glenn Murphy announced the company will close 200 of its 900 U.S. namesake stores even as it expands its outlet presence.
Gap Inc. wants international and online sales to account for 30% of its revenues within two years and a restructuring announced this week is expected to play a role in facilitating that growth.
Gap Inc. has announced a series of significant management and organizational changes at Gap brand designed to drive more consistent results in North America and to provide a new and dynamic creative leadership structure that will deliver sustainable global growth.