GAP · CIK 39911
What The Gap, Inc. told the SEC could break it.
Gap's disclosures trace almost entirely to its sourcing geography: substantially all of its fiscal 2025 merchandise, by dollar value, came from factories outside North America, heavily concentrated in two countries — Vietnam at about 27% (its largest) and Indonesia at about 21% (its second). That concentration meets U.S. trade policy directly: higher U.S. tariff rates increased its cost of goods sold in fiscal 2025, and further import restrictions or tariffs on Vietnam, Indonesia or other sourcing countries could keep pressuring margins.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Indonesia merchandise sourcingmedium
About 21% of Gap's fiscal 2025 merchandise purchases by dollar value came from factories in Indonesia — its second-largest sourcing country.
“Approximately 21 percent of our fiscal 2025 purchases, by dollar value, were from factories in Indonesia.”
SEC filing →As of 2026 - Vietnam merchandise sourcingmedium
About 27% of Gap's fiscal 2025 merchandise purchases by dollar value came from factories in Vietnam — the single largest sourcing country — concentrating supply risk there.
“Substantially all of our merchandise purchases during fiscal 2025, by dollar value, were from factories outside North America. Approximately 27 percent of our fiscal 2025 purchases, by dollar value, were from factories in Vietnam.”
Regulatory & policy
- US import tariffsmedium
Higher US tariff rates increased Gap's cost of goods sold in fiscal 2025, and further import restrictions or tariffs on Vietnam, Indonesia and other sourcing countries could continue to pressure margins.
“Product cost increases or events causing disruption of imports from Vietnam, Indonesia, or other foreign countries, including the imposition of additional import restrictions, tariffs, or taxes, or vendors temporarily closing or potentially failing due to political, financial, or regulatory issues, could have an adverse effect on our operations. For example, higher tariff rates imposed by the United States increased cost of goods sold during fiscal 2025.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“On November 7, 2022, we signed agreements to transition our Gap China and Gap Taiwan operations to a third party, Baozun Inc., to operate Gap China and Gap Taiwan stores and the in-market website as a franchise partner, subject to regulatory approvals and closing conditions. On January 31, 2023, the Gap China transaction closed with Baozun Inc. On August 27, 2025, the parties reached a decision to not proceed with the transition of Gap's operations in Taiwan.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch