Hole comes again from the brink to promote its newest trend traces by way of Subsequent’s shops and web site
GAP has gained a brand new lease of life on the Excessive Road after saying a tie-up with Subsequent.
The US retailer determined earlier this 12 months to shut its 81 UK and Eire shops following a interval of sliding gross sales.
However a cope with Subsequent will see the model – which first got here to the UK in 1987 – maintain a bodily presence on the town centres.
Tie-up: Hole garments will likely be provided inside chosen Subsequent shops and Subsequent’s Complete platform may also host Hole’s on-line procuring enterprise
Hole garments will likely be provided inside chosen Subsequent shops. And Subsequent’s Complete platform may also host Hole’s on-line procuring enterprise.
The three way partnership will likely be 51 per cent owned by Subsequent, and 49 per cent by Hole.
Mark Breitbard, chief government of Hole International, mentioned the corporate was planning to ‘meet our clients in UK and Eire the place they’re procuring now’.
Hole’s determination to shut its 81 shops got here as little shock to consultants within the trend business.
The model, as soon as famed for providing American classics like denims, khakis and hoodies at inexpensive costs, struggled to remain related in a market the place retailers like Uniqlo and Weekday had been higher at maintaining with the developments.
However it was nonetheless a blow to the Excessive Road, which in recent times has misplaced manufacturers resembling Topshop, Debenhams and Cath Kidston.
Retailer boy: Lord Wolfson joined Subsequent as a gross sales marketing consultant in its Kensington retailer in 1991, rising shortly by way of the ranks earlier than turning into chief government in 2001
On-line retailers Asos and Boohoo respectively personal the Topshop and Debenhams manufacturers.
Subsequent, which has round 500 shops within the UK and Eire, has been transferring quick to innovate.
It struck a cope with US lingerie model Victoria’s Secret to run its UK enterprise, and simply months in the past snapped up a 25 per cent stake in upmarket Reiss, to whom it’s going to present warehouse and distribution providers.
It expects to make a £750million pre-tax revenue this 12 months.
Chief government Lord Wolfson, 53, mentioned: ‘Subsequent is delighted on the prospect of its Complete platform supporting Hole on the following stage of growth of their world-renowned model within the UK and Eire.’
Wolfson – who joined Subsequent as a gross sales marketing consultant in its Kensington retailer in 1991, rising shortly by way of the ranks earlier than turning into chief government in 2001 – has been main the agency’s transformation from a drained Excessive Road chain to a retail behemoth with a web-based presence to rival Asos and Boohoo.
Its on-line market hosts third-party manufacturers resembling River Island, Ted Baker and Superdry.