Gap Inc (US)
Gap Inc is America's biggest clothing retailer, offering distinctive casual clothing through three main retail brands of The Gap, Old Navy and Banana Republic. In the 1990s, The Gap gradually conquered the globe, eclipsing more established manufacturers such as Levi's with its stylish but affordable designs. Between 1996 and 1999 revenues and net income both doubled as the group extended its format into new brands and new territories. Buoyed up with its own success, the store arguably lost sight of its core values, and an attempt to move further upmarket led to sharp falls in sales from 2000 onwards. A return to basics led the Gap brand back to a brief recovery in 2003 and 2004 before sales went into another sharp decline from 2005. Despite numerous attempts to regain its momentum, each time with only temporary success, the group continued to deliver flat performance and it was toppled as the world's biggest clothing company by Spain's Inditex. That prolonged dry spell finally began to lift during 2012.
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Recent stories from Adbrands Weekly Update:
Adbrands Weekly Update 29th Aug 2013: It's been a grim quarter for US retailers, especially in the fashion sector. The list of big stores reporting weaker than expected performance for 2Q and advising caution or a downgrade for the full year is long: Walmart, Target, Macy's, Kohl's, Nordstrom, Sears, JC Penney, Aeropostale, American Eagle, Abercrombie & Fitch... and more. There was one major exception, Gap Inc, which finally showed signs of turning the corner after years of weakness. Virtually all the metrics were positive, with reported sales up 8% to $3.87bn, earnings up 25% (to $303m), and comparable sales excluding new outlets up 5%. The group expects that trend to continue, and raised its forecast for the full year.
Adbrands Weekly Update 18th Jul 2013: In a comparatively rare account loss, Crispin Porter & Bogusky was dropped as agency of record by Gap-owned Old Navy. In a statement, the clothing retailer said it would instead divide its spending, estimated at around $200m annually, between a roster of different agencies in future, and would not directly replace CP&B. The change follows the arrival of Old Navy's new chief marketing officer Ivan Wicksteed earlier this year.
The Adbrands Company Profile of The Gap summarises the company's history and current operations and also contains the following website links:
The Gap website
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