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LONDON, Sept 17 (Reuters) - British clothing retailer Next
has struck a deal with Gap Inc, to run the Gap
brand's business in the UK and Ireland as a franchise partner.
The deal will allow the U.S. firm to retain a presence in
the UK and Ireland having closed its shops in those markets
earlier this year.
Shares in Next were up 1% at 0842 GMT.
Under the plan the two groups will form a joint venture to
operate Gap's e-commerce business across the NEXT Total
Platform, host Gap-branded Shop-in-Shops and offer
click-and-collect options for online customers beginning in
2022.
Next will own 51% of the JV while Gap will own 49%.
Gap will be able to benefit from Next's UK and Ireland store
network of around 500 stores.
Next also has an online presence in over 70 countries
selling its own brand and over 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 Mark Breitbard, CEO and President of Gap
Global.
The partnership echoes moves by online retailers ASOS and
Boohoo to snap up fashion brands that have gone out of business
in the UK and are no longer available on the high street.
(Reporting by James Davey; Editing by Kate Holton)
Next (NXT)