PIPERLIME SHUTTING DOWN
Gap is shutting down its online shopping site, Piperlime at the end of February. Though Piperlime was popular among fashionistas, its sales only accounted for 1% of Gap Inc.'s $16 billion annual revenue. The closing will help the company focus on its other brands: Old Navy, Banana Republic, Intermix, Athleta, and of course, Gap.
Piperlime was started in 2006 as a way for Gap to compete with online retailers such as Zappos. Initially the site solely offered shoes. 3 years later the brand expanded into selling apparel. The site offered affordable brands as well as major labels like Kate Spade, BCBG Max Azria, and more. By 2010 the brand experienced fast-paced growth. In response, Piperlime's flagship store was opened in Manhattan's SoHo shopping district in 2012. The shop will also be closing at the end of February.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
sources: www.gapinc.com, www.businessinsider.com