Next PLC (LSE:NXT) has reached a deal with Gap Inc (NYSE:GPS) to run the US clothing chain’s business in the UK and Ireland.
The companies are setting up a joint venture franchise partnership under which the British clothing retailer will manage Gap’s online business on the Next website, Gap said in a statement.
Next will also host Gap-branded shop-in-shops at flagship its stores and operate a click-and-collect service for online customers.
“We are partnering with Next PLC for our Gap business in the UK & Ireland, giving us the benefit of their extensive omni platform and their e-commerce expertise as the UK’s number one online clothing retailer,” said Mark Breitbard, head of Gap Brand Global.
The joint venture, which comes into effect from 2022, means Gap will maintain a presence in the UK and Ireland after it announced plans to close its 81 stores in the two countries earlier this year.
