International clothing brand GAP is commanding attention with the launch of its brand new NFT hoodie collection.
GAP came out with an array of non-fungible tokens on the Tezos blockchain on Thursday. With the release of its NFT collection, GAP has followed in the footsteps of other classic brands, including Nike, Adidas and Mattel. The hooded sweaters will range from $8.30 to $415, based upon the level of rarity.
The NFT collection is designed in collaboration with Brandy Sines, who created the Frank Ape cartoon character. Some selected sweatshirts will also be available in stores.
With the brand undertaking a historical step, take a look back and explore the story behind GAP and its legacy .
Why is the brand called GAP?
Donald and Doris F. Fisher founded San Francisco-headquartered GAP in 1969. The brand originally targeted the next-generation youth with its clothing, and with the brand name, alluded to the generation gap at the time.
Exploring the history of the brand
GAP, founded by the Fishers, did great business in its first two years, generating a revenue of $2,00,000. GAP’s blue jeans and t-shirts defined American-style clothing, and made the outfit a classic.
As part of its expansion plan, GAP acquired as well as developed new brands, beginning with the Banana Republic, which the company acquired in 1983.
Furthering its growth strategy, the label extended its portfolio with children's clothing and launched GAP Kids in 1986. Later, GAP came up with GapBody, offering intimates and activewear.
GAP’s first overseas store finally opened in London during 1987. In 1988, the brand introduced its blue and white GAP monogram. The effortless design of the logo made the brand an instant crowd pleaser.
Millard “Mickey” Drexler was appointed CEO of GAP to refine and up-scale the brand’s identity in the 1990s. He undertook all the major changes that the company saw during this period, and it was during his tenure that the Old Navy was initiated in 1994 as a lower-priced substitution to Gap.
The Old Navy built a broad consumer base with its playful designs. However, Drexler stepped down as CEO in 2002.
As part of its charitable measure, GAP shifted its focus to its Product (Red) launch in 2006. GAP made another acquisition in 2008 when it purchased Athleta. In 2013, the company shut down 189 stores in the US, as it shifted operations towards the e-commerce sphere.
Gap acquired designer clothing label Intermix in 2013, making them synonymous with luxury brands.
Hill City is a menswear collection launched by GAP in 2018. The new launch targeted sporty men with busy and weary lifestyles. The idea behind it was that many men needed technical clothing that made it easy for them to move from workouts to the office conveniently.
In 2019, GAP purchased another children's wear company, Janie & Jack.
Gap has always been at the intersection of trends and classics. It always stands out with courage when it comes to experimenting. Now, the brand is again stepping into an opportunity to create history in the digital space with NFTs.