Announced last September (2021) the joint venture was formed to effectively grow the Gap business in the United Kingdom and Republic of Ireland through a strong local partnership and manage Gap’s e-commerce business and in-shops at Next locations.
It marks the first milestone of the joint venture franchise relationship between the two companies as Next snaps up more brands for its Total Platform.
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Gap said the joint venture is an important piece of the brand’s ‘partner to amplify’ strategy, which focuses on working with best-in-class companies, experts in their markets to reach new and existing customers while supporting the business in a new and cost-effective way.
Under the terms of the deal, Next Plc owns 51% of the joint venture while Gap Inc owns 49%.
The Oxford Street opening is a major milestone within the first phase of the launch plan to re-establish Gap’s brick-and-mortar presence in the market, with work underway to migrate Gap’s e-commerce business to Next Total Platform as well as integrate strong operational capabilities including a comprehensive click-and-collect service, next-day delivery, and a variety of customer service options later this year.
Adrienne Gernand, managing director of international, global licensing and wholesale at Gap Inc, said: “Partnering with market-leading, omni-channel retailers like Next, allows us to amplify and deliver our relevant, purpose-driven brand to meet our customers in the UK and Ireland—and with greater speed, agility, and customer services than ever before.”
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By GlobalDataGlobalData senior retail analyst Emily Salter predicted last year that opening shop-in-shops in 2022 would be unlikely to bring a significant amount of new footfall to Next’s stores, but that it also signals Next’s intentions to snap up more brands for its Total Platform, shifting its focus from own-brand retail to becoming a service provider.
