Well-known British clothing retailer, Next, has agreed to manage the US fashion brand Gap’s business in the UK and Ireland.
As per the agreement between the two retail bigwigs, there will be a joint venture to help run Gap’s e-commerce operations across the Next Total Platform.
Besides, the joint venture will help host Gap shops-in-shops at exclusive retail locations and also offer click-and-collect options for customers shopping online. This, in all likelihood, will come into effect from next year.
The agreement also distinctly states that Next will own as much as 51 percent of the joint venture, whereas Gap will own the remaining 49 per cent.
Back in June 2021, Gap had said that it had plans to shut down some of its stores in the UK and Ireland by the end of September this year.
Now, the coming together of two retail stalwarts will not only help Gap in running its business in the UK and Ireland in a more efficient partner model, but also help gain significantly from the digital expertise of Next.
Also Read: Gap to close 19 stores in the UK and Ireland
Founded in 1969, Gap operates six primary divisions, namely, Gap (the namesake brand), Banana Republic, Old Navy, Intermix, Hill City and Athleta, and is the largest specialty retailer in the US.
