American clothing chain GAP, one of H&M's competitors in the North American market, is rising sharply in after-hours trading on the New York Stock Exchange.
The price increase of about 5 percent comes after the company reported better-than-expected sales figures for the third quarter, which means the seventh consecutive quarter of sales growth. The clothing giant has recently tried to attract customers through various collaborations, including Hollywood actress Gwyneth Paltrow and her daughter being advertising pillars for the company's premium collection, GAP Studio. The company has also started a collaboration with the bag brand Béis.
According to GAP, they are now primarily seeing increased demand for children's and youth clothing as well as various forms of exercise clothing.
