How Gap Fell Victim to the New Polarized Fashion Environment.
“When Gap announced yesterday that it would close a quarter of its North American stores, as well as some European branches, it was just the latest round of bad news for the fashion industry. Last week, J.Crew responded to sagging sales by subbing in Somsack Sikhounmuong — the designer of its other, lower-priced brand, Madewell — for women’s design head Tom Mora. And over the past year, chains like Piperlime, C. Wonder, and Kate Spade Saturday bit the dust; independent labels, notably Band of Outsiders, Reed Krakoff, and Honor shuttered; and mall standbys such as Abercrombie and Fitch and American Eagle Outfitters struggled. All of these brands’ problems are varied, of course, but their failure does have one common denominator, and that’s the extremely polarized state of the fashion industry now.” Read the full story at → NY CUT