Gap Inc., announced plans to close its brand Piperlime by the end of first quarter of 2015, including its single store in New York.
The company plans to focus on five brands – Gap , Old Navy, Banana Republic, Athleta and Intermix – as well as digital and global growth, according to a press release.
“We are incredibly grateful to our fashion-focused, loyal customers, and proud of our dedicated employees who have been working hard to evolve the brand and test out new ideas,” said Art Peck, interim CEO of Gap Inc. “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.”
The Piperlime brand is considered by far the smallest of the company’s portfolio, with revenue below $100 million, representing less than 1% of Gap Inc.’s total of more than $16 billion. The wind down costs associated with the decision will not materially affect Gap Inc.’s financials, the company said.