Gap Inc. has announced the decision to close the Piperlime brand — the online platform and a single store in New York — by the end of the first quarter of fiscal year 2015.
Piperlime was the smallest of Gap Inc. brands with yearly revenue below $100 million. That’s less than 1 percent of Gap Inc.’s total revenue base of over $16 billion.
Gap Inc. says they will focus on the five other brands – Gap, Old Navy, Banana Republic, Athleta and Intermix, as well as digital and global growth.
“We plan to keep on pushing new ideas and look forward to seeing how we can apply what we’ve learned to the rest of the company as we continue to bring great products and shopping experiences to our customers,” said incoming CEO Art Peck in a press release.
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