Gap Inc., commonly known as Gap, is an American clothing and accessories retailer founded in 1969. It operates under divisions including Gap, Banana Republic, Old Navy, and Athleta. The company is headquartered in San Francisco, California, and is one of the largest specialty retailers in the United States.
After the successful launch of the first Gap store in 1969, Donald G. Fisher rapidly expanded the chain, growing it into a $100 million business with 200 stores. This expansion marked the significant growth and success of the Gap brand.
On April 21, 1969, Donald and Doris Fisher established Gap Inc. in San Francisco, California.
Don Fisher opened the first Gap store near City College on Ocean Avenue in Ingleside, San Francisco. The store initially offered only Levi's apparel and LP records to attract teen customers.
The second Gap store opens in San Jose, with half of the 6,500 square feet space configured as a stock room. Gap also starts selling Levi's for women.
In 1971, Gap established its corporate headquarters in Burlingame, California.
In 1972, Gap successfully trademarked their monochromatic logo with the United States Patent and Trademark Office, solidifying its status as one of the most recognizable logos in the country.
By 1973, Gap had over 25 locations and had expanded into the East Coast market with a store in the Echelon Mall in Voorhees, New Jersey, broadening its customer base.
In 1974, Gap began to sell private label merchandise, diversifying its product offerings and establishing its own brand identity.
By 1975, Gap Inc. stores generated $100 million in net sales, crucial for the company's health.
On May 19, 1976, Gap Inc. conducted its initial public offering at $18 per share ($0.11 adjusted for all subsequent splits).
On July 30, 1976, Gap Inc. started trading its common stock on the New York Stock Exchange under the ticker symbol GPS.
In 1978, Gap Inc. acquired Banana Republic, adding another well-known brand to its portfolio. Banana Republic is known for its classic and sophisticated clothing.
In 1979, The Gap settled suits for $5.8 million and expanded, including the establishment of Banana Republic.
In 1981, the first SuperGap store, a larger format compared to standard Gap stores, was launched in Concord, California to compete with Miller's Outpost.
On December 31, 1982, Gap Inc. implemented a 3 for 2 stock split, adjusting the price of the shares accordingly.
In 1983, Gap acquired Banana Republic, a move that expanded their product offerings and solidified their position in the retail market. This acquisition was a key step in Gap's strategy to diversify and grow its brand portfolio.
In 1984, Gap introduced their iconic pocket t-shirt in 21 diverse colors, which became a staple in their collections and a popular choice among customers.
In 1985, actor Michael J. Fox sports the Gap Pocket-T shirt in the iconic movie Back to the Future, showcasing Gap's clothing in popular culture and increasing brand visibility.
In 1986, Gap underwent another logo redesign where they introduced a new style featuring a white wordmark inside a blue square. The new logo, now reading 'GAP' in uppercase letters, also dropped the word 'the' from the previous versions, earning the nickname 'Blue Box.'
In 1987, Gap expanded its operations internationally by opening its first store in London.
In 1988, Gap made its first international expansion by opening several stores in London, marking a significant milestone in the company's global presence.
In 1989, Gap introduced its now-iconic blue square logo, replacing the previous round, lowercase letters logo that had been in use since 1969.
The babyGap chain was launched in 1990 and proved to be highly successful.
By the end of 1991, Gap announces that it will cease selling Levi's products in its stores, marking a significant shift in the retail offerings of Gap.
The Gap, Inc. stock price reaches an all-time high of $59.
Old Navy, a clothing and accessories retail brand, was launched in 1994 as a more affordable alternative to Gap Inc.'s main brand.
In 1995, Gap and GapKids stores made their debut inside Tokyo's Hankyu department store, followed by the opening of standalone stores in the city.
In 1996, the first Old Navy store was launched in Colma, California, drawing inspiration from the successful Gap Warehouse prototype. The brand's new name was influenced by a bar in Paris.
Old Navy achieves a milestone by reaching $1 billion in annual sales, becoming the first retailer to accomplish this in less than four years.
In 1999, Gap received the prestigious title of 'Company of the Year' from the San Francisco Chronicle, which significantly boosted their sales and overall growth.
In the year 2000, the first Old Navy Outlet store was opened, providing customers with discounted clothing options. This expansion allowed Old Navy to reach a wider audience.
In 2001, Madonna and Missy Elliot collaborated in a Gap commercial to promote the Fall season's corduroys and blue jeans. This celebrity endorsement helped boost Gap's marketing efforts.
Following Mickey Drexler's departure, Paul Pressler took over as the new CEO of Gap, focusing on restructuring the company by closing underperforming stores and reducing debt.
Old Navy, a brand under Gap Inc., starts its international expansion by opening stores in Canada.
Don Fisher, the founder of Gap Inc., resigns as Chairman of the Board but remains on the board of Directors with the honorary title Chairman Emeritus.
Forth & Towne, Gap's retail concept targeting women 35 and older, was introduced on August 24, 2005. However, after an 18-month trial period, it was discontinued in 2007.
In 2006, Gap joined the Product Red campaign by launching a special RED collection, including items like a T-shirt made from African cotton. A portion of the profits from these products went to the Global Fund, contributing significantly to the cause.
In 2007, Glenn Murphy, the former CEO of Shoppers Drug Mart in Canada, was named as the new CEO of Gap, Inc., aiming to lead the company towards a new direction.
In January 2008, Gap signed a deal with Marinopoulos Group to open Gap and Banana Republic stores in Greece, Romania, Bulgaria, Cyprus, and Croatia.
On September 27, 2009, Gap Inc. co-founder and chairman Donald Fisher passed away, leaving a legacy in the company that he helped establish.
In an attempt to create a more modern image, Gap unveiled a new logo on October 4, 2010, designed with the Helvetica font and reducing the prominence of the iconic blue box. However, due to public backlash, the company reverted to the original logo within a week.
Marka Hansen, the executive responsible for the controversial logo change at Gap, resigned on February 1, 2011, following the public outcry and the decision to revert to the previous logo.
In 2013, Gap Inc. was ranked 5th among specialty retailers in the list of World's Most Admired companies.
Gap Inc. announced the opening of its initial stores in Brazil in the Fall of 2013.
In January 2015, Gap Inc. declared the closure of its subsidiary Piperlime to concentrate on its core brands, leading to the shutdown of the only Piperlime store in SoHo, New York City, in April.
Gap now has a store in New Delhi, India which opened in May 2015.
Gap Inc. was named to FORTUNE's Great Place to Work list in 2016, recognizing it as a great workplace.
On February 20, 2016, Gap launched stores in Mumbai at Oberoi Mall and Infinity-2.
In 2017, Gap closed all seven of its stores in Israel.
Richard Dickson, who was the President and COO of Mattel, Inc at the time, held a press conference at the United Nations headquarters in New York City on September 7, 2018.
In February 2019, Gap announced its decision to spin off Old Navy as a separate brand.
On February 28, 2019, Gap Inc. announced the split of Old Navy from the company, making Old Navy an independent entity. This move aimed to separate the older brands like GAP and Banana from the newer brands like Athleta and Hill City.
In November 2019, Gap announced that CEO Art Peck would be leaving the company, leading to immediate changes in leadership.
On January 16, 2020, Gap Inc. announced the reversal of the decision to split Old Navy from the company, aborting the separation.
In March 2020, Sonia Syngal, a former Old Navy executive, was appointed as the CEO of Gap Inc. She implemented cost-cutting measures and secured $2.5 billion in funding to revitalize the company.
Gap Inc. announced a partnership with Kanye West's Yeezy Brand, creating Yeezy Gap, with the 10-year contract generating $34.9 million in media impact value.
In August 2020, Gap Inc. revealed plans to shut over 225 store locations, including Banana Republic stores, due to the impact of the COVID-19 pandemic. The number later increased to 350 by 2024.
In November 2020, Gap Inc. collaborated with Afterpay to enhance the digital shopping experience.
As of September 29, 2021, Gap Inc. had a reported net worth of $9.28 billion.
In 2022, Gap Inc. announced a partnership with Kanye West's Yeezy brand to release a collection of t-shirts and sweatshirts. This collaboration led to a significant increase in the company's stock price, although the excitement was short-lived.
In February 2024, Gap Inc. appointed American fashion designer Zac Posen as the Creative Director, bringing his expertise to the brand and Old Navy.