Gap Co-Founder Doris Fisher Dies at 94, Built $15 Billion Retail Empire
Doris Fisher, who co-founded the global retail giant Gap with her husband Don, has died at 94. Fisher passed away peacefully on Saturday, according to a company statement, which did not specify a cause of death.
The Fishers launched Gap in San Francisco in 1969, reportedly after Don struggled to find a well-fitting pair of jeans. Doris is credited with devising the company's name, intended to resonate with younger consumers through its reference to the 'generation gap'.
The business expanded significantly over the decades, acquiring brands such as Banana Republic, Old Navy, and Athleta. It currently operates approximately 3,570 stores worldwide, reporting annual sales of around USD#15 billion.
While Don served as the company's chief executive and later chairman until his death in 2009, Doris was instrumental as its merchandiser until 2003. She was largely responsible for shaping the brand's distinctive style and image.
Richard Dickson, Gap's current president and CEO, highlighted Fisher's role as a "path-breaking entrepreneur at a time when that was highly unusual for women." He added that she "understood first-hand the value of self-expression, diversity, and inclusion" and worked to ensure Gap "always did more than sell clothes."
Fisher was also a dedicated patron of the arts and education. At the time of her death, Forbes estimated her net worth at USD#1.7 billion.
The company's initial retail strategy, organising clothing by size and style, was considered pioneering. However, Gap has encountered difficulties in recent years, closing all its standalone UK and Ireland shops in 2021 due to competitive pressures. It has since re-entered the UK market through a joint venture with Next, managing its online presence and operating some concessions and a limited number of standalone stores.
