LONDON: British clothing retailer Next today revealed a deal to keep the Gap brand going in the UK and Ireland, where the US group is shutting its stores.
Gap is closing all 81 stores in the neighbouring European countries after the Covid pandemic pushed consumers to shop increasingly over the internet.
Next, one of Britan’s leading in-store and online retailers selling various brands, announced Friday a joint venture that will see it sell Gap clothing on the UK group’s website and across its bricks-and-mortar stores.
Next will own a majority 51% stake in the business and Gap the remainder, a statement said.
“Next is delighted at the prospect of … supporting Gap on the next stage of development of their world-renowned brand in the UK and Ireland,” Next chief executive Simon Wolfson said in the statement.
Gap is also selling its stores in France and Italy, the group recently announced.