Athleta and Old Navy are top-performing brands for Gap, which is planning to open 270 stores under those brands.
Gap Inc. plans to close roughly 200 Gap and Banana Republic stores nationwide over the next three years.
One bright spot for Gap has been Old Navy - its less expensive clothing brand. Old Navy's net sales are expected to exceed $10 billion "in the next few years", while Athleta is expected to hit $1 billion, "driven by growth in online and mobile channels, USA store expansion, and continued market share leadership in loyalty categories", the company said.
The company expects about 500 million dollars in expense savings over the next three years by better leveraging its size and scale, cross-brand synergies and streamlining operations and processes. CEO and President Art Peck said in a statement.
Police arrest Yasin Malik, place heads of Hurriyat factions under house arrest
It said that raids were conducted at 9 locations in Kashmir and one each in Jammu and Gurugram. Besides, the NIA team also raided and searched the house of JKLF leader Showkat Ahmad Bakshi.
Gap's moves are the latest to reinvent the chain and are being spearheaded by Peck, who took the helm in 2015.
Gap says it also expects Athleta to drive growth.
Gap offers its services through e-commerce platform which includes cross-brand shopping, omni-channel services, pick-up in store, buy online service yet to come and new personalization engine powered by customer data. The company has been cutting its store numbers over the last decade or so. It's also testing a subscription service at its Baby Gap brand.