|
|
Article: Credibility Gap Once the symbol of casual dotcom chic, the US clothing brand has lost its way - and its profitability, writes Lauren Mills
- Article from:
- The Sunday Telegraph London
- Article date:
- November 18, 2001
- Author:
CopyrightCopyright 2001 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
|
When Sharon Stone wore a black Gap turtleneck to the Oscars in
1996 it seemed nothing could stop the runaway success of the US
clothing brand.
Gap went on to epitomise dotcom cool and dress-down casual. In
the late 90s, its trademark chinos and basic black T-shirts were
worn by trendy technology executives in boardrooms all over Britain.
But Gap's bid to turn the American corporate dream into enduring
reality has come to a startling end.
The US clothing giant was cut down to size last week after a
series of profit warnings culminated in its first quarterly loss for
more than 10 years. The group, which generated sales of over $13.6bn