Gap Closing Piperlime
San Francisco-based retail giant Gap Inc., announced plans to shutter its online footwear-driven unit Piperlime by the end of the first quarter of fiscal year 2015.
The company said the decision was part of a “ long-term strategy of driving profitable top line sales, powered by its global brands and innovative ability to reach customers in new and differentiated ways.” Gap will now focus its efforts on its Gap, Old Navy, Banana Republic, Athleta and Intermix units, as digital and global growth.
“We are incredibly grateful to our fashion-focused, loyal customers, and proud of our dedicated employees who have been working hard to evolve the brand and test out new ideas,” said incoming Chief Executive Officer Art Peck. “We plan to keep on pushing new ideas and look forward to seeing how we can apply what we’ve learned to the rest of the company as we continue to bring great products and shopping experiences to our customers.”
The company does not report Piperlime’s sales independently of its other brands, but the company did call it “by far the smallest of the company’s portfolio with yearly revenue below $100 million, representing less than 1 percent of Gap Inc.’s total revenue base of over $16 billion.”
Launched in 2006, Piperlime sold footwear, apparel and accessories with trends and key styles promoted by guest editors such as Rachel Zoe and Olivia Palermo.