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Next has announced that it has finalised an agreement with Gap to manage the business in the UK and Ireland as a franchise partner.
Under the agreement, the companies will form a joint venture to operate Gap’s e-commerce business across the Next total Platform, host Gap-branded shop-in-shops at select retail locations and offer click-and-collect options for online customers beginning in 2022.
Furthermore, Next will own 51 % of the JV while Gap will retain 49% ownership.
In July 2021, Gap announced plans to close all 81 of its UK and Ireland stores following a strategic review of its European business and the effect of Covid-19.
The agreement made with Next however, will allow Gap to retain its market position in the UK.
Lord Simon Wolfson, CEO of Next, said: “Next is delighted at the prospect of its total platform supporting GAP on the next stage of development of their world-renowned brand in the UK and Ireland.”
Mark Breitbard, CEO and president of Gap Global, added: “Gap is partnering with Next, one of the UK’s leading online clothing retailers, to amplify our omnichannel business and meet our customers in UK and Ireland where they are shopping now.”
