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Italy’s OVS to run all 11 Gap Inc stores in Italy -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Gap sign can be seen at 5th Avenue in Manhattan, New York on June 16, 2015. REUTERS/Brendan McDermid/File Photo

MILAN (Reuters] – OVS and Gap Inc (NYSE 🙂 announced Wednesday that they have reached an agreement for OVS to acquire the Italian apparel retailer and operate them as a franchise in the eleven stores it owns.

Two companies stated that they expect the deal to close in February. They did not provide financial details.

Gap Inc., announced last year a strategic review to its European business in order to increase cost-effective methods of maintaining its European presence.

The companies stated in a joint statement that the transfer of the Italian 11 Gap stores to OVS would allow Gap to run its business using a more efficient partnership model and benefit from OVS’s expertise.

OVS launched Gap clothing sales in its stores, and also online through a franchise agreement.

Mark Breitbard President and CEO Gap Global stated that the decision to sell Gap’s business to another company is an example how they are working together to grow and amplify our brand in global markets.

This story has been corrected to clarify the first paragraph. The deal is not for a purchase, but rather a franchise agreement.

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