The good news is that things have changedIn return the climate equipment has been particularly carefulIt falls well it belongs to first cousinsLocal communities should be better managedHe however praised the British approach It is to receive the family adds the headYou are a lawyer in the development of ChinaThey can opt for a lump sum exemption equal to 30 of their remunerationTake the example of a disfigured Web siteOn the eve of the holiday season sales go boomThe terrible Christmas that comes live Gap has perhaps been Christmas too for this creator, producer and distributor of textile products. Confronted with a stagnation of its turnover since 2004, the American giant of the jeans and the blouse saw certainly before his fellowship course fly in a session of 10. But they are not good results of the business opportunities which caused this access of fever. Simply rumours of assignment.
According to information of the CNBC financial television, confirmed by other sources, Gap has indeed attach business Goldman Sachs Bank services. Despite the "No. how" branch, investors concluded that the directed Group since 2002 by a Paul Pressler, who had lost the confidence of the market, would either be sold in full to a Fund of "private equity", or at least to assign one of its brands such as Old Navy or Banana Republic.
Founded in 1969 by the Fisher family, which holds about a third of the capital, this group of San Francisco had its moment of glory in the 1990s with the arrival in the business of a more casual look. But the group, which has now more 3.150 stores, has more than real relay of growth in a US market, where he made 90 of its turnover. A market on which prices fall and where revenue Gap eventually be copied by other Americans such as Abercrombie & Fitch and foreigners such as H & M, Zara, etc.
In the 1990s, the Group had known find new life with the repositioning of Banana Republic on a more high-end segment and the establishment in 1994 of the entry-level Old Navy chain. But since then, Gap Inc. has started on a small scale in the summer 2005 a new string for women over 35 years (Forth & Towne). With some 20 shops, it has not yet found its place. International development, patina with barely 300 shops.
Ideal candidate for funds
Result, the sales are retreating and profitability crumbles. According to Merrill Lynch, the turnover, which amounted to 16.2 billion in fiscal 2004, should be limited to 15.8 billion in 2007. At the same time, the operating margin, even to the standards of the sector to 12.2 in 2004, will be melted to 8. Stock market course, he is passed Monday above the bar of the $ 20 because of rumours of sales. At Wall Street, the company is thus worth 16.4 billion (12.62 billion euros).
Very crucial year end holiday period will have hardly contributed to improve the morale of the 150,000 employees. Good weather already weighs on all of the major chains whose sales increased by 3.1 (in comparable stores) in December. But Gap suffering in addition to problems specific such as the sudden loss of speed of its Old Navy mark posted more bad performance of the sector, with sales down 8.
Little debt and continuing to identify important risk-taking, Gap is ideal candidate for the Fund of "private equity". Former Chief Executive of the party group to make a fortune by adjusting j. Crew, a smaller Distributor by funds in the non-coté, will perhaps shown the way.
