UK retailer Next has signed a deal with struggling US fashion giant Gap to manage its UK website and place concessions in some stores. As per a BBC report, the move will preserve some of Gap's physical presence on the high street as the company announced plans to close all UK stores in July.
Next also aims to expand the brands available on its online platform. The retailer will own 51 per cent of the new venture, while Gap will own 49 per cent. The deal will enable customers to use Next's click-and-collect service at its 500 stores. Founded in 1969 in the US, Gap has been credited with shifting cultural norms around clothes. The brand is favored by people of all ages for its laidback clothes such as hoodies, sweatshirts, T-shirts, khaki trousers, jeans and polo shirts. The brand opened its first store in London in 1987 and had set up 127 stores across UK by 2013.
In recent years however, the brand has struggled as most of its shoppers have moved online. The brand’s stores and clothes have also been criticized for failing to keep up with changing trends.
