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  • 05.20.16

Gap Inc retreats from Asia, Europe as fast-fashion rivals continue to grow

The San Francisco-based retailer announced yesterday that it would be closing all 53 of its Old Navy stores in Japan, plus an additional 22 Banana Republic and Old Navy stores in other overseas markets. 

In recent months Gap has struggled to appeal to consumers drawn to the runway knockoffs for sale at rivals such as H&M, Forever 21, and Zara. Net income for the first quarter of the year dropped to $127 million, a decline of 46.9%. AH