Struggling with financial issues and a devastated supply chain, Gap has announced a new deal to launch licensing in newer markets.
Considered as one of America’s biggest apparel retailers, the company has joined hands with IMG to launch a global licensing deal that will allow the brand to attract new audiences from different parts of the globe.
This strategy opens new doors as the retailer continues to put stores under temporary closures, consequently leading to stagnant sales and steep losses.
IMG is known for their global merchandising and licensing infrastructure that spans all types of product categories including automobiles, publications and lifestyle and fashion brands.
Gap Inc. has mentioned that their brands Gap, Banana Republic and Janie and Jack will be the focus in the licensing deal while Old Navy, Athleta, Intermix and Hill City will be next in line.
New product categories like baby products, home décor, furnishings and textiles will also be explored through the deal, allowing the brand to offer a wider lifestyle experience to the customer.
