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Category Archives: GAP
The Gap, Inc. (NYSE: GPS) is an American clothing and accessories retailer based in San Francisco, California, and founded in 1969 by Donald G. Fisher and Doris F. Fisher. The company has five primary brands: the namesake Gap banner, Banana Republic, Old Navy, Piperlime and Athleta. As of September 2008, Gap, Inc. has approximately 135,000 employees and operates 3,076 stores worldwide, of which 2,551 are in the United States. Gap, Inc. remains the largest specialty apparel retailer in the U.S., though it has recently been surpassed by the Spanish-based Inditex Group as the world’s largest apparel retailer.
Despite the company’s publicly traded status, the Fisher family remains deeply involved in Gap, Inc.’s business and collectively owns a significant quantity of the company’s stock.
Donald Fisher served as Chairman of the Board until 2004 and remained on the board until his death on September 27, 2009. His wife and their son, Robert J. Fisher, also serve on Gap’s board of directors. Robert Fisher succeeded his father as chair in 2004 and also became president and CEO on an interim basis following the resignation of Paul Pressler in 2007.
Glenn K. Murphy is the current CEO of the company. Previous Gap, Inc. CEOs include Millard Drexler and Paul Pressler.
Banana Republic is an American clothing brand founded by Mel and Patricia Ziegler in 1978 as a travel-themed clothing company; subsequently it has largely eliminated this tropical or travel-related theme. The company was bought by Gap in 1983. Banana Republic has over 500 stores located internationally.
The Gap, Inc. acquired Banana Republic in 1983, eventually rebranding it as a mainstream luxury clothing retailer. The eccentric tourist-oriented items were phased out and were replaced with more luxurious, but less unique items for which the brand is currently known. To set itself apart from Gap as a more upmarket brand, Banana Republic occasionally buys and refurbishes historic buildings for its retail locations.
The company operates more than 500 Banana Republic stores in the United States (including Puerto Rico) and 26 stores in Canada. The Gap, Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Asia, Europe, and the Middle East.
Banana Republic opened its first store outside North America in 2005 in Ginza, Tokyo’s most prestigious shopping district. Banana Republic’s presence in South Korea debuted on August 24, 2007 with a flagship store in the Apkujeong district of Seoul. In 2007, the first Banana Republic stores opened at The Avenues shopping mall in Kuwait City, Kuwait; Senayan City in Jakarta, Indonesia; and Pavilion Kuala Lumpur in Kuala Lumpur, Malaysia.
Banana Republic opened its first store in Turkey on March 15, 2008 in the Kanyon Shopping Mall in Istanbul. By May 2008, İstinye Park Shopping Mall and Nişantaşı stores were also opened in Istanbul. More stores are planned to be opened in Ankara and İzmir by the end of 2008 to bring the total number of stores in Turkey to six..
Banana Republic was first introduced in Saudi Arabia in late 2008, with a first opening in Mall of Arabia in Jeddah and a second opening in Riyadh Gallery Mall in Riyadh in March 2009.
On March 20, 2008, Banana Republic opened its 17,000-square-foot (1,600 m2) flagship store on the luxurious Regent Street in London, England. On May 9, 2008, Banana Republic opened its flagship store on Greenbelt 5 in Makati City, Philippines.