Ovs has acquired the network of Gap brand stores in Italy, as required by the agreement between the two companies. The sale will take place in February 2022, while the partnership between the companies began in 2020 with a franchising agreement that provided 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 Ovs e-commerce. . Now the Italian brand will also acquire the stand alone Gap stores in Italy.
On October 20, Gap Inc. announced the strategic review of the business in Europe. The transfer of the 11 stores in Italy to Ovs will allow Gap to maintain a presence on the market through a more efficient partnership model. Furthermore, the goal is to take advantage of the experience of Oviesse, leader in the Italian clothing market. The Gap store in Milan, however, will cease operations in November 2022, when the lease agreement runs out.