Gap Inc. is now moving beyond its apparel forte and venturing into newer, unexplored territories with the help of a multi-brand giant, IMG.
Widening horizons into categories like child care, furniture, decor and home textiles, the US retailer has inked a licensing deal for a multi-brand partnership.
“We are excited to explore new market segments and complementary points of product distribution for Gap, Banana Republic, and Janie and Jack in an asset-light way that harnesses their individual strengths,” said Roy Hunt, head of Gap Inc. franchise and strategic partnerships. “This partnership with IMG presents a unique opportunity for us to bring our fashion and lifestyle brands to life in new ways for customers around the world.”
Gap brand, in particular, for many years has been losing market share and closing stores. The new plan is to land into new categories for a wide-spread reach, while genrating cross-category extensions and expanding the brand's portfolio.
Master-stroke, wouldn't you agree?
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(SOURCE WWD)
