Ovs signed a deal to buy the 11 stores Gap present in Italy. The operation – on which the unions will be consulted in the coming weeks – will be completed in February next year. There is only one exception: the Gap store in Milan, which will close its doors in November 2022, when the lease expires.
Relations between the two companies began last year with an agreement for the inclusion of the GapKids brand in Ovs stores and the sale of the Gap men's, women's and children's collections in the Ovs e-commerce. Now the Italian company is also acquiring the stand-alone Gap stores in our country.
“Gap is an iconic brand, loved and recognized by all Italians who visit the USA – comments Stefano Beraldo, CEO of Ovs – In the development of our business model, we believe that this agreement contributes to creating value for our group and represents a further step in the evolution of Ovs' strategy which is increasingly becoming a platform open to collaborations with other brands, consistent with its positioning and values. We will use our great retail experience and our creativity to increase the development of Gap in our country, both on physical and digital channels”.
The agreement with Ovs is part of the strategic review of activities in Europe announced on 20 October by Gap.
“We have been present in Italy since 2010 – recalls Mark Breitbard, president and CEO of Gap Global – and we intend to further develop our collaboration with OVS, a valuable partner who has demonstrated its great ability to offer Italian customers the Gap brand through an excellent multi-channel experience. The decision to sell our business in Italy represents an example of how we are working to further expand our brand on international markets, through partnership relationships".
After the news spread, the Ovs share on the Stock Exchange gained almost one percentage point, to 2,604 euros.
