Gap vows to launch jewellery collections

Fashion retailer looking into jewellery following store closures.

High street clothing retailer Gap is has vowed to develop its product offer to include jewellery and increasing the amount of trend-led product.

Chairman and chief executive officer Glenn Murphy said there was "a huge opportunity…to fill in with trend-right product and chase products that make sense to us…and focus on new category development."

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The company is set to close 200 of its 900 stores worldwide by 2013, and has admitted it has not invested heavily enough into attracting ethnic minority customers in the US.

Banana Republic, which attracts a slightly higher end of the market, with leather goods a small amount of jewellery in its collection, is also owned by Gap. The retailer is also likely to “skinny down” its store numbers from 456 to 425.

"We will do everything we can … to use our leverage as best as we can, but we have to be careful. We are not going to take the price increase and spread it mindlessly" Murphy added.

Gap, which turns over $14.66bn (£9.1bn) a year, added that it plans to grow the company through global expansion, etail and Gap outlets. It said its international and online operations would account for 30% of total revenues by 2013, from 22% last year.



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