All News

 

+989373755404

Call us for more information

News

Gap Inc to close 225+ stores globally as sales continue to decline

Gap
0
(0)

The US retailer, Gap Inc., has announced plans for closing down more than 225 stores worldwide this year, with a further batch next year. A net loss of $62 million in revenue declined 18% during the second quarter. Sales from physical companies decreased by 48%, compared with a meteorically 95% increase in online sales. During this time, the company has acquired over 3.5 million clients.

The company did not give any indication of where in the world its stores would close, or which banners are most affected by the plan, although its namesake Gap network and Banana Republic stores seem to be performing the worst. As at August 1, Gap Inc had 1643 stores trading under those two brands.
The decline in sales in physical stores during the quarter was caused by enforced temporary closures due to the Covid-19 pandemic, with shops beginning to reopen from May. As of August 1, about 90 percent of its stores globally were trading again. Worldwide sales by the Gap brand were down 28 percent and at Banana Republic by 52 percent. Old Navy performed better, down by 5 percent overall, and aided by a 136-per-cent increase online. Athleta was the standout, boosted by consumers purchasing more relaxing apparel as they moved to work from home. Sales were up 6 percent overall, and online by 74 percent.

provided by : textilefocus.com

Other News

Approaches to Managing Odour Through Textiles: Current Strategies, Applications, and Future Prospects
news

Approaches to Managing Odour Through Textiles: Current Strategies, Applications, and Future Prospects

Analysis of plantar pressure of midsole prepared by 3d printed biomimetic structures with different densities
news

Analysis of plantar pressure of midsole prepared by 3d printed biomimetic structures with different densities

Relationships between morphological factors and heat extraction from the upper arm using liquid cooling garment
news

Relationships between morphological factors and heat extraction from the upper arm using liquid cooling garment

Italian brand Dondup partners with Bluesign for sustainable denim
news

Italian brand Dondup partners with Bluesign for sustainable denim

Linen: Always in Fashion
news

Linen: Always in Fashion

Sustainable Fabric Production Using Biotechnology: A Path to Eco-Friendly Textiles
news

Sustainable Fabric Production Using Biotechnology: A Path to Eco-Friendly Textiles

Challenges to Revival of Handicrafts in India
news

Challenges to Revival of Handicrafts in India

Define textile wet processing? Describe various type of dyeing process.
news

Define textile wet processing? Describe various type of dyeing process.

Unravelling Asia’s Textile Dominance: Strategic Advantages and Future Prospects in the Global Market
news

Unravelling Asia’s Textile Dominance: Strategic Advantages and Future Prospects in the Global Market

Innovations in Home Textiles Industry: Revolutionising Comfort & Style
news

Innovations in Home Textiles Industry: Revolutionising Comfort & Style

Decoding Germany’s Budget Crisis and its Likely Impact on the Textile-Apparel Industry
news

Decoding Germany’s Budget Crisis and its Likely Impact on the Textile-Apparel Industry

Best quality fabrics for clothes | Top 10 textile countries in the world
news

Best quality fabrics for clothes | Top 10 textile countries in the world

Best quality fabrics for clothes | Top 10 textile countries in the world
news

Best quality fabrics for clothes | Top 10 textile countries in the world

What is jacquard fabric? Different types of jacquard fabric.
news

What is jacquard fabric? Different types of jacquard fabric.

Consumer Textile Recycling: Emerging Technologies Shaping Sustainable Fashion
news

Consumer Textile Recycling: Emerging Technologies Shaping Sustainable Fashion

Factors that will Impact the Textile Value Chain in 2023
news

Factors that will Impact the Textile Value Chain in 2023

Solving Fabric Waste for a Greener Fashion World
news

Solving Fabric Waste for a Greener Fashion World

Eco Innovation in Fashion: Revolutionising the Industry
news

Eco Innovation in Fashion: Revolutionising the Industry

Denim Brands: Moving Towards a Greener Future
news

Denim Brands: Moving Towards a Greener Future

Functional Textiles: Blending Innovation with Sustainability
news

Functional Textiles: Blending Innovation with Sustainability

{"slide_show":3,"slide_scroll":1,"dots":"true","arrows":"true","autoplay":"true","autoplay_interval":3000,"speed":600,"loop":"true","design":"design-1"}

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Leave a Comment