Gap Inc.

What does Gap Inc. own?
Gap Inc. owns four primary retail brands: Old Navy, a value-priced family apparel chain; Gap, an accessible casual apparel brand; Banana Republic, a premium casual and professional apparel brand; and Athleta, a women's athletic and lifestyle apparel brand. The company also operates Gap Factory and Banana Republic Factory as outlet extensions of its core brands. Gap Inc. operates more than 3,500 stores across approximately 40 countries, with additional international locations operated through franchise agreements.

Is Gap Inc. publicly traded?
Yes, Gap Inc. is listed on the New York Stock Exchange under the ticker symbol GAP. The company changed its ticker from GPS to GAP in August 2024. Gap Inc. has been publicly traded since 1976 and is included in the S&P 500 index. The Fisher family, descendants of founders Donald and Doris Fisher, collectively hold a significant ownership stake in the company.

Who founded Gap Inc.?
Gap Inc. was founded by Donald Fisher and Doris Fisher. Donald Fisher opened the first Gap store on August 21, 1969, in San Francisco, California, with the concept of stocking Levi's jeans in every available style, size, and color. Doris Fisher named the company Gap as a reference to the generation gap of the era. Donald Fisher died in September 2009. The Fisher family continues to hold a significant ownership stake in the company.

Where is Gap Inc. headquartered?
Gap Inc. is headquartered in San Francisco, California, USA. The company has maintained its San Francisco headquarters since its founding, though it has also operated significant offices in New York City. Gap Inc. announced corporate layoffs at both its San Francisco and New York offices in 2022 as part of a cost reduction program.

How many brands does Gap Inc. own?
Gap Inc. operates four primary retail brands: Old Navy, Gap, Banana Republic, and Athleta. The company also operates Gap Factory and Banana Republic Factory as outlet extensions. Former brands that are no longer active include Piperlime, which was closed in 2015, and Hill City, a men's athletic apparel brand that was wound down in 2020. The Yeezy Gap collaboration, announced in 2020, was terminated in 2022.

Who owns Gap Inc.?
Gap Inc. is a publicly traded company with shares held by institutional investors and public shareholders. The Fisher family, descendants of founders Donald and Doris Fisher, collectively hold a significant ownership stake and have historically maintained board representation. No single shareholder holds a controlling majority of Gap Inc.'s common shares. The company does not have a dual-class share structure, and all common shares carry equal voting rights.

What is Gap Inc.'s annual revenue?
Gap Inc. reported net sales of $15.3 billion for fiscal 2025, up 1 percent year-over-year. Old Navy generated $9.4 billion, the Gap brand generated $3.4 billion, Banana Republic generated $2.0 billion, and Athleta generated $0.5 billion. Gross margin was 38.3 percent, and operating income was $866 million.

What is Gap Inc.'s fiscal 2026 outlook?
Gap Inc. projects fiscal 2026 net sales to be flat to up 2 percent compared to fiscal 2025, with operating income growth in the mid-teens. The outlook reflects continued investment in brand revitalization under CEO Richard Dickson and operational efficiency initiatives.

Donald Fisher, a California commercial real estate broker, opened the first Gap store on August 21, 1969, near City College on Ocean Avenue in Ingleside, San Francisco. The store's original merchandise consisted exclusively of Levi's jeans and LP records, targeting teenage customers. The name Gap was chosen by Doris Fisher as a reference to the generation gap of the era. The business model was built around stocking Levi's products in every available style, size, and color.

The company grew rapidly through the early 1970s. By 1973, Gap had expanded to more than 25 locations and had reached the East Coast market. In 1974, Gap began selling private-label merchandise, reducing its dependence on Levi's and establishing the foundation for its own branded product lines. Gap went public in 1976, listing on the New York Stock Exchange.

In 1983, Gap acquired Banana Republic, a small safari-themed clothing retailer founded by Mel and Patricia Ziegler. Gap transformed Banana Republic into an upscale clothing retailer targeting professional consumers, repositioning it away from its original adventure-travel aesthetic. The acquisition established Gap Inc.'s multi-brand strategy.

In 1994, Gap launched Old Navy as a value-oriented chain targeting families and younger consumers seeking affordable fashion. Old Navy grew rapidly and eventually surpassed the Gap brand in annual revenue, becoming the largest brand in the portfolio.

In 1998, Gap acquired Athleta, a women's athletic apparel brand founded as an independent company. The acquisition gave Gap Inc. a position in the growing women's activewear market, which would become increasingly competitive with the rise of Lululemon and other athletic apparel brands.

The late 1990s and early 2000s were a period of significant difficulty for Gap Inc. Under CEO Mickey Drexler, the company had pursued an aggressive expansion strategy that resulted in oversaturation of the US market. Drexler was removed in 2002 after a 29-month sales slump and tensions with the founding Fisher family. His successor, Paul Pressler, focused on closing underperforming locations and reducing debt.

In 2019, Gap Inc. announced plans to spin off Old Navy as an independent publicly traded company, arguing that Old Navy's value positioning and growth trajectory were distinct from the rest of the portfolio. The planned separation was reversed in January 2020 after the company determined that the operational and financial costs of the separation outweighed the strategic benefits.

The COVID-19 pandemic in 2020 accelerated store closures across the portfolio. Gap Inc. announced the closure of more than 350 stores by 2024, primarily Gap and Banana Republic locations in malls. The company simultaneously invested in e-commerce infrastructure and distribution capacity, including a 140 million US dollar distribution center in Longview, Texas announced in February 2021.

In September 2022, Gap Inc. ended its partnership with Kanye West's Yeezy brand, which had been announced in 2020 as a 10-year collaboration. The termination followed public controversies involving West, including antisemitic statements. In the same month, Gap announced approximately 500 corporate layoffs at its San Francisco and New York offices.

In August 2024, Gap Inc. changed its NYSE ticker symbol from GPS to GAP. In September 2025, the company announced plans to test the sale of personal care and cosmetics products at approximately 150 Old Navy locations, signaling a potential expansion of the brand's product range beyond apparel.

In fiscal 2025, Gap Inc. reported net sales of $15.3 billion, up 1 percent year-over-year, with comparable sales growth of 1 percent. Gross margin was 38.3 percent, and operating income was $866 million. Old Navy generated $9.4 billion in net sales, the Gap brand generated $3.4 billion, Banana Republic generated $2.0 billion, and Athleta generated $0.5 billion.

Gap Inc. has faced scrutiny over labor practices in its global supply chain. The company sources products from factories in Bangladesh, Vietnam, India, and other countries where labor standards and working conditions have been subjects of advocacy campaigns. Gap Inc. has published supplier codes of conduct and social responsibility reports, and has participated in industry initiatives to improve factory safety standards following incidents such as the 2013 Rana Plaza factory collapse in Bangladesh, which killed more than 1,100 garment workers.

In 2022, Gap Inc.'s partnership with Kanye West's Yeezy brand ended abruptly following public controversies involving West, including antisemitic statements. The termination of the partnership resulted in legal disputes over royalty payments and product ownership, which were subsequently settled.

Gap Inc. has also faced criticism for the environmental impact of its supply chain, including water usage, chemical discharge, and carbon emissions associated with apparel manufacturing. The company has published sustainability commitments targeting reductions in greenhouse gas emissions and water usage across its supply chain.

The company has faced scrutiny over its reliance on promotional pricing, which has historically compressed gross margins. Under CEO Richard Dickson, Gap Inc. has sought to reduce promotional dependency, but the transition to full-price selling carries the risk of reduced traffic and sales volume.