Due to underperforming sales, Gap Inc. is eliminating the Piperlime brand and its sales channels, which include an e-Commerce site and flagship store in SoHo, New York City. The entire Piperlime business will close by the end of Q1 2015.
Although Gap Inc. has not broken out Piperlime sales from the overall business, the retailer estimated that the brand is the smallest of its entire portfolio, bringing in yearly revenue of less than $100 million, or less than 1% of total revenue. Moving forward, the Gap Inc. family of brands will include: Athleta, Banana Republic, Gap, Intermix and Old Navy.
“We are incredibly grateful to our fashion-focused, loyal customers, and proud of our dedicated employees who have been working hard to evolve the brand and test out new ideas,” said Art Peck, incoming CEO of Gap Inc. “We plan to keep on pushing new ideas and look forward to seeing how we can apply what we’ve learned to the rest of the company as we continue to bring great products and shopping experiences to our customers.”
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Gap Inc. will continue to focus on its more profitable brands by developing long-term, innovative strategies that encourage ongoing growth. In addition to e-Commerce sites for each remaining brand, Gap Inc. operates approximately 3,200 company-operated stores and more than 400 franchise stores worldwide.
