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(Sharecast News) - US clothing retailer Gap has struck a deal that will see its clothing range sold in the UK and Ireland via Britain's Next after announcing earlier this year that it would close its own stores in those markets.
The two groups have created a joint venture to operate Gap's e-commerce business across Next's online Total Platform, host Gap-branded Shop-in-Shops and offer click-and-collect options for online customers from 2022.
Next will own 51% of the venture while Gap will own 49%. Gap will be able to benefit from Next's UK and Ireland store network of around 500 stores. The London-listed chain also has an online presence in more than 70 countries selling its own brand alongside 700 other fashion, home and beauty brands.
"Gap is partnering with Next ... to amplify our omnichannel business and meet our customers in (the) UK & Ireland where they are shopping now," said Gap chief executive and president of global Mark Breitbard.
Gap in July said it was closing all of its 81 stores in the UK and Ireland, with the loss of around 1,000 jobs.
The decision came after a review of its operations across Europe, with the company going online-only in affected markets. Stores are being closed in a phased manner from the end of August through to the end of September.
