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Gap International history
Gap International company history timeline
Rather than wage endless litigation, The Gap settled the suits in 1979 for a total of $5.8 million, or 40 cents per share, and did its best to mend its frayed relations with Wall Street.
Adding between 50 and 80 stores annually, The Gap pushed its sales to $307 million in 1980 and was close to achieving nationwide representation.
After a stint at Macy's, he became president of AnnTaylor in 1980, where his work caught the eye of Donald Fisher, who was contemplating the future of The Gap.
The two-store chain of safari and travel clothing outfits, bought by The Gap in 1983, had a well-established catalogue business.
Drexler's revolution at The Gap cost a good deal of money, and financial results for 1984 were poor, with profits down 43 percent to $12.2 million.
Created in 1987, the same year the company broke $1 billion in sales, Hemisphere offered elegant fashions but soon ran afoul of a severe recession.
1990: BabyGap is launched.
Though 1992 marked a dip in profits and sales growth due to slower turnover and increased competition, the company addressed these problems by turning away from unisex clothing to more gender-specific items.
Yet perhaps the biggest news of 1995 was Donald Fisher's decision to relinquish his duties as CEO of The Gap, Inc.
As such, he retooled The Gap's image in 1997, emphasizing a return to simplicity and the company's most basic offerings--pocket tee's, jeans, and khakis.
In 1997, sales at Old Navy surpassed $1 billion while overall company sales grew to $6.5 billion.
In 1998, it won several awards for its "Khakis Swing" commercial, and became known for its use of celebrities and whimsy themes.
Disaster struck in 2001 when the company posted a $7.7 million loss. "Simply put," wrote Anne Kingston of the National Post, "The Gap has lost its groove.
2002: Drexler retires; Paul Pressler is named CEO.
However, just a few months later, the brand posted its first sales decline in three years in the second quarter of 2019, with a subsequent drop in the third quarter.
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Gap International may also be known as or be related to Gap International, Gap International Inc and Gap International, Inc.