Hailey Bieber Collab’s Strong Sell Through Should Bode Well For GAP Ahead

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Hailey Bieber Collab’s Strong Sell Through Should Bode Well For GAP Ahead

USA | Dept. Stores & Specialty Softlines

The Gap, Inc. EquityJulyResearch21, 2026

FLASH NOTEHailey Bieber Collab's Strong Sell Through

RATING BUYShould Bode Well For GAP Ahead

PRICE $20.35^

Last week, GAP released a denim collab with Hailey Bieber. We view the success

of the collab as another encouraging data point in GAP's ongoing effort to PRICE TARGET | % TO PT $29.00 | +43%

restore brand authority and cultural relevance. The collection sold out shortly 52W HIGH-LOW $29.36 - $18.11

after launch and generated strong social engagement across platforms. While FLOAT (%) | ADV MM (USD) 60.3% | 160.68

the financial impact is limited, we believe collab reinforces positive momentum MARKET CAP $7.7B

within GAP's denim business and broader brand repositioning efforts. TICKER GAP ^Prior trading day's closing price unless otherwise

noted.

Price: Pre-market open, 5/31/2024

The News. GAP launched “The Hailey Jean,” a limited-edition denim collaboration with Hailey Bieber

featuring six washes across two relaxed-fit silhouettes inspired by vintage Gap denim and Bieber’s

personal style. The capsule expands GAP’s celebrity partnership strategy and underscores mgmt’s

emphasis on fashion relevance, denim authority, and cultural engagement. The collection launched

7/16 on Gap.com and select North American stores, with international distribution across the U.K.,

China, Japan, and other markets, and had a limited restock on 7/18.

Our Channel Check. We visited GAP's Times Square location on the release date, and when we

spoke with the sales associate at 3:30pm, she informed us that they were low on sizes, and what

was on the floor was all that was left. What was clear was that customers came in to purchase the