The Company was incorporated in the State of California in July 1969 and was reincorporated
under the laws of the State of Delaware in May 1988.
We are a global specialty retailer operating stores selling casual apparel,
accessories, and personal care products for men, women and children under the
Gap, Banana Republic and Old Navy brands. We operate stores in the United States,
Canada, the United Kingdom, France, Germany and Japan.
We design virtually all of our products, which in turn are manufactured by
independent sources, and sell them under our brands in the following store formats:
Gap. Founded in 1969, Gap stores offer extensive selections of classically-styled,
high quality, casual apparel at moderate price points. Products range from wardrobe
basics such as denim, khakis and T-shirts to fashion apparel, accessories and
personal care products for men and women, ages teen through adult. We entered
the children's apparel market with the introduction of GapKids in 1986 and babyGap
in 1989. These stores offer casual apparel and accessories in the tradition
of Gap style and quality for children, ages newborn through pre-teen. Launched
in 1998, GapBody offers women's underwear, sleepwear and personal care products.
Banana Republic. Acquired in 1983 with two stores, Banana Republic now offers
sophisticated, fashionable collections of dress-casual and tailored apparel,
shoes and accessories for men and women at higher price points than Gap. Banana
Republic products range from apparel, including intimate apparel, to personal
care products and home products.
Old Navy. We launched Old Navy in 1994 to address the market for value-priced
family apparel. Old Navy offers broad selections of apparel, shoes and accessories
for adults, children and infants as well as other items, including personal
care products, in an innovative, exciting shopping environment.
We established Gap Online, a web-based store located at www.gap.com, in 1997.
Products comparable to those carried in Gap, GapKids and babyGap stores, as
well as a line of maternity apparel, can be purchased on-line. Banana Republic
introduced Banana Republic Online, a web-based store located at www.BananaRepublic.com,
in 1999, which offers products comparable to those carried in the store collections.
In 2000, we established Old Navy Online, a web-based store located at www.oldnavy.com.
Old Navy Online also offers apparel and accessories comparable to those carried
in the store collections, plus a line of maternity apparel. Our online businesses
are offered as an extension of our store experience and are intended to strengthen
our relationship with our customers.
The global specialty retail industry is highly competitive. We compete with
national and local department stores, specialty and discount store chains, independent
retail stores and internet businesses that market similar lines of merchandise.
We face a variety of competitive challenges including:
anticipating and quickly responding to changing consumer demands;
maintaining favorable brand recognition and effectively marketing our products
to consumers in several diverse market segments;
developing innovative, high-quality products in sizes, colors and styles that
appeal to consumers of varying age groups and tastes;
sourcing merchandise efficiently;
competitively pricing our products and achieving customer perception of value;
and
providing strong and effective marketing support.