This message was sent to the Gap Inc. employees from Mark Breitbard and Adrienne Gernand
We are thrilled to announce that OVS, our existing franchise partner, will take over company-operated Gap stores and our team in Italy subject to completion of the unions’ consultation process. This deal is due to wrap up in early 2022.
OVS is a market share leader in key categories in Italy, including Kids & Baby and Denim. They understand the consumer and the country and they’ve done a great job offering GapKids in their department stores and Gap adult and kids through their e-commerce site since early 2021. Most importantly, they love Gap and have big plans for us. With this new agreement, OVS will expand their business to operate 11 Gap standalone stores in the country and we’re excited about the potential runway for additional growth.
The partnership with OVS falls on the heels of our previously announced agreements with NEXT Plc in the UK and Ireland and Hermione People and Brands in France, and wraps up our European strategic review.
Each of these deals are the result of the hard work done in our company-operated businesses to maximize opportunities for our brand in Europe. Huge thanks to our colleagues in this region for helping to build the powerful brand we have today.
Through these partnerships, we are amplifying Gap’s reach to deliver our brand’s modern American optimism around the world. We can’t wait for what’s ahead!
— Mark Breitbard, President and CEO, Gap Brand, and Adrienne Gernand, Managing Director, International and Global Licensing & Wholesale