Say it ain't so!
Gap Inc. announced today via press release that it will close the e-doors of Piperlime, it's smallest of six brands. The online retailer offers up a unique mix of clothing, shoes and accessories, and even features the likes of Rachel Zoe and Olivia Palermo as guest editors.
"We are incredibly grateful to our fashion-focused, loyal customers, and proud of our dedicated employees who have been working hard to evolve the brand and test out new ideas," incoming Gap Inc. CEO Art Peck said via press release. "We plan to keep on pushing new ideas and look forward to seeing how we can apply what we've learned to the rest of the company as we continue to bring great products and shopping experiences to our customers."
Launched in 2006, Piperlime began as an online shoe store, and soon gained traction as a premier e-shopping destination. Currently the site offers a slew of fashion labels, including DVF, Michael Kors and Theory to name a few. And while Piperlime may boast a loyal customer base, it's recent profits have fallen flat, accounting for less than one percent of Gap Inc.'s total revenue (a whopping $16 billion, according to the same press release).
Although the company is bidding adieu to Piperlime, it will remain focused on its five other brands—Gap, Banana Republic, Old Navy, Athleta and Intermix, a high-end fashion retailer with an edgy point of view which Gap Inc. acquired in 2012.
But don't get too upset just yet, Piperlime fanatics—the online store and single New York City boutique won't be shutting down completely until the first quarter of the 2015 fiscal year ends, so there's still some time to shop!