It was back in 2016 that Gap-owned brand Banana Republic had first expressed the intent to close down its bricks-and-mortar stores due to slump in sales.
The pandemic didn’t help the cause either! Consequently, the brand had to shut down all its stores last year.
And now Banana Republic has, reportedly, announced to close its UK website on 31 May 2022.
Following the closure of its physical stores in 2021, Next acquired 51 per cent stake in Gap, with the latter owning 49 per cent.
This means Next will not only take over Gap’s e-commerce business through Total Platform, but also open Gap stores as concessions in the existing stores of Next.
However, it’s not clear Next’s alliance with Gap to operate Gap UK, will also include the Banana Republic business; but as of now, Banana Republic’s stay in the UK seems to be over.
Founded in 1978, Banana Republic is an accessible luxury clothing and accessories retailer owned by the American multinational corporation Gap Inc.
Bharat Tex Special Report 2026 
