Gap to shutter Piperlime, both online and physical store

San Francisco -- Gap Inc. is shutting down its Piperlime business. The company plans to close the brand’s online platform and single store in New York, by the end of the first quarter of fiscal year 2015.



The decision comes as Abe Peck, who has led Gap’s growth, innovation and digital unit, gets ready to step into the CEO suite next month.



“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,” Peck said in a statement.



Gap does not break out Piperlime’s sales independently. The company said the brand is by far the smallest of its portfolio with yearly revenue below $100 million, which is less than 1% of Gap Inc.’s total revenue base of over $16 billion.



Gap said the wind-down costs associated with closing are not material to the company’s financials.



Piperlime launched in 2006 as an online footwear store. It expanded into designer apparel and accessories, targeting young fashion-forward women. In 2012, the brand ventured into bricks-and-mortar, opening a store in the SoHo section of Manhattan.