Who started Gap?
It all started with a pair of Levi jeans that didn't fit right.
In 1969, Donald and Doris Fisher opened the first-ever Gap store in the bustling city of San Fransico. At the time, the store focused primarily on selling men's Levi jeans and records.
The store sat on Ocean Avenue and was said to "revolutionize the retail industry," according to California Museum.
The San Fransisco-born Fishers were long-time family friends before marrying in 1953 and beginning their business venture a little over 10 years later.
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As of 2015, the Fisher family had become one of the richest families, according to Forbes, which pegged their net worth at about $11 billion. Unfortunately, the family dropped off the coveted list a year later.
(Courtesy of Gap)
Prior to sitting at the helm of the retail chain, which has since expanded to over 90 countries around the world, Donald became annoyed that he couldn't find a pair of jeans that fit his 31-inch inseam in the department stores, Forbes reported.
At the time, Doris had graduated Stanford University with a degree in economics and Don was refurbishing old hotels, according to the California Museum. After leasing space to a Levi’s jeans salesman, Don bought a few pairs of pants to no avail.
He turned his frustration into a San Francisco-based jeans and music store. Don grappled with the name "Pants and Discs" before settling on "the Gap"
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By 1970, Gap opened its second store in San Jose, California, spanning roughly 6,500 square feet, and began selling Levi's for women. Two years later, Gap had expanded to upward of 25 locations.
In 1976, the company went public with an initial public offering of 1.2 million shares of stock. Each share was priced at $18, according to the company. Ten years later, in 1986, the company opened the first GapKids store in San Mateo, California.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | GAP INC. | 21.36 | +1.14 | +5.64% |
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By, 1987 the company expanded outside the United States. Shortly thereafter, the company graced the front page of Vogue Magazine’s 100th-anniversary issue in 1992. The cover featured supermodels wearing Gap white denim jeans and woven shirts, the company said. That same year, the company's stock price hit an all-time high of $59 per share.
Despite having no retail experience, the Fishers were able to take the company and transform it into a global brand that now includes Gap, Banana Republic, Old Navy, Piperlime and Athleta.
In 2019, the company celebrated its 50-year anniversary. That same year, the Fisher family still controlled 43 percent of the company and occupied three of the 13 seats on the company's board, according to Fortune.
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