The US apparel brand Gap will close eight of its 28 stores in France, she told AFP Thursday, confirming press information. This is part of the closure of 230 outlets worldwide, which the group had announced early 2019.
"Strengthen the health of the fleet"
"In February 2019, we announced the closure of approximately 230 Gap stores across the globe over the next two years, and in France, we announced the closure of eight stores, and we continue to focus on the development of a profitable and sustainable activity on the market, "said Tuesday the group following news from the daily Le Monde .
According to the newspaper, by 2020, Gap will close its Parisian outlets on the Champs-Elysées, Boulevard des Capucines, Rue de Rivoli and Boulevard Saint-Michel. "Our commitment is to quickly, thoughtfully and decisively take care of stores that are not performing well or that do not fit our future vision of the Gap brand.We are confident that these closures will enhance the health of the fleet and serve as more appropriate basis for revitalizing the brand, "the group added in its statement.
A split project in progress
The chain, present in forty countries, has been implementing for several months a vast restructuring, including its split into two separate companies listed separately on the stock market. Gap's goal - which has fallen behind in online trading and is also suffering from H & M and Zara - is to save $ 90 million a year.
The split project plans to distinguish the Old Navy brand, which last year alone generated $ 8 billion in revenue from Gap, Banana Republic, Athleta and Hill City, whose combined sales reach $ 9 billion.