Donald G. Fisher, who co-founded apparel giant Gap Inc., has died at age 81 after a long battle with cancer.
Fisher and his wife Doris opened the first Gap in 1969 in San Francisco, after running into difficulties finding jeans that fit. They named the store after the idea of “The Generation Gap” and sold jeans and music, to appeal to a younger crowd.
The simple, affordable style that became the namesake brand’s trademark resonated with shoppers and took off quickly.
A former real estate developer with no previous retailing experience, Fisher initially anticipated maybe “as many as 10” stores. But Gap grew to be one of the nation’s largest specialty retailers with more than 3,000 stores in over 25 countries.
Gap Inc. now also operates the Banana Republic, Old Navy, Piperlime and Athleta brands. It became a publicly traded company in 1976 and reported sales of $14.5 billion in its 2008 fiscal year.
Fisher guided the company through its largest growth phases, serving as CEO from the company’s inception through 1995 and as its chairman until 2004. He continued as a company director and as chairman emeritus until his death.
The company was one of the first dominant brands, pioneering the idea of cheap chic, retail consultant Burt Flickinger III said. He said many retailers continue to model themselves based on the company’s design.
“Americans would not be able to afford well-made clothes at the low prices and highest possible quality that they have today if it were not for what Don started,” Flickinger said.
Associated Press
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