Gap Inc., the owner of Old Navy, Banana Republic and its namesake apparel chain, will raise its hourly pay for U.S. employees to $9 in 2014 and $10 next year, saying it wants to “do more than sell clothes.”
Baseball jackets and cashmere track pants will vie for the spotlight alongside more traditional evening gowns and fur coats at New York’s fashion week as designers seize on shoppers’ growing penchant for athletic wear.
Retailers of all stripes -- from home-goods merchant Pier One Imports Inc. to discounter Family Dollar Stores Inc. and luxury lingerie seller L Brands Inc. -- are providing hard evidence that the discount war that marked the holiday season will take a toll on profit.
Gap Inc.’s Old Navy, the retailer’s biggest brand, has used 1990s stars from “Beverly Hills 90210” and New Kids on the Block in revamped marketing this year. Its latest addition is the Backstreet Boys.