Gap co-founder Doris Fisher dies aged 94

An important development from the financial markets: Gap co-founder Doris Fisher dies aged 94 15 minutes ago Share Save Add as preferred on Google Shanaz Musafer Business reporter Courtesy Gap Inc Gap called Fisher its "forever muse" in a social media post announcing her death Doris Fisher, who co-founded the Gap retail chain with her husband Don, has died at the age of 94. The couple opened the first Gap store in San Francisco in 1969 after a frustrating shopping experience when Don could not find a pair of jeans that fit. Doris reportedly came up with the company's name, referring to the generation gap, hoping to appeal to younger shoppers.

Over the years the business expanded to include the Banana Republic, Old Navy and Athleta brands and currently operates about 3,570 stores worldwide, with annual sales of about $15bn (£11bn). Fisher died on Saturday, with Gap saying she "passed away peacefully, surrounded by her family". No cause of death was specified.

Economic Details

While Don was the company's chief executive (CEO) and then chairman, Doris served as its merchandiser until 2003, establishing the brand's style and image. "Doris was a full partner in Gap Inc. 's founding and a path-breaking entrepreneur at a time when that was highly unusual for women," said Gap president and CEO Richard Dickson.

"She understood first-hand the value of self-expression, diversity, and inclusion. And she worked tirelessly to ensure that Gap Inc. always did more than sell clothes.

" The company said Fisher was also a devoted advocate for the arts and education At the time of her death, Fisher had a net worth of $1. 7bn , according to Forbes. She had also previously appeared on Forbes' list of 100 most powerful women.

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Don Fisher died in 2009. The Fishers' three sons remain involved in the family's business and philanthropic interests. Fisher, pictured in 2011, at her induction into the California Hall of Fame Gap, famous for its jeans, khakis, white T-shirts and hoodies, laid out its stores with clothing organised by size and style, which was a pioneering approach at the time.

Kate Hardcastle, consumer expert at Insight with Passion, said Fisher broke industry norms by making everyday style feel "clear, democratic and dependable". "That is the power of Gap really - at its best, it is not fashion that asks too much of the customer. the quiet confidence of knowing what you came in for and why it works.

Fisher helped build a brand around that rare retail discipline: removing doubt. "Her legacy feels particularly important now because modern consumers are overwhelmed by choice, noise and constant reinvention. " Today Gap has stores all over the world, although it closed all its UK and Ireland shops in 2021 as it struggled to stay relevant and failed to keep up with its - often cheaper - competitors.

Financial markets are tracking the development closely as investors assess the likely impact.