Speaking of Gap…

After news of store closings and layoffs, Gap spoke to investors about its strategy for regaining loyal customers. By streamlining its staff and stores, targeting its core customer base of women ages 25-35, and focusing on high-quality apparel at accessible prices, Gap hopes to turn around lagging sales. {WWD}

Michael Kors rakes in $15 million

Following a successful 2014-2015 fiscal year, Michael Kors and Michael Kors CEO John Idol both saw their compensation increase more than 11 percent to $15.1 million. (Small change if you consider that Kors is worth more than $1 billion, though.) {WWD}

Uniqlo expands while Gap plateaus

Earlier this week, Gap announced its plan to close quarter of its North American stores. What’s eating into Gap’s marketshare? One only need look to Japan’s king of affordable basics, Uniqlo, which is quickly closing on Gap’s sales lead. Uniqlo parent company Fast Retailing generated $13.6 billion in sales last year, while Gap brought in $16.1 billion. Bear in mind that Uniqlo has a much smaller store presence: just 42 locations compared to Gap’s 675. Analysts say that Uniqlo is increasingly becoming millennials’ source for affordable basics. {Quartz}

Ralph Lauren hints at showing women’s collection in Europe

At a preview of his men’s collection last week, which will bow in Milan on Saturday, Ralph Lauren said that he is open to showing an upcoming women’s collection in Europe — and any other moves that could strengthen Ralph Lauren’s international presence. First, however, the designer will display his support for American fashion by presenting his latest Polo collection at the inaugural New York Fashion Week: Men’s on July 16. {WWD}

Justin Bieber hopes to start a fashion line

In an attempt to repair his tarnished image, Justin Bieber has lately joined forces with some of the fashion industry’s biggest players: modeling for Calvin Klein, attending the Met Gala with Balmain Creative Director Olivier Rousteing and making a cameo in the forthcoming “Zoolander 2.” The next step? Launching a clothing line, of course. “I know Kanye [West] has been working on his stuff for years and failed and came back and tried again and failed,” he said humbly. “Fashion’s definitely really important, but I got to make sure I’m ready for the failing part of it because I know that comes with it. It’s not easy. It’s not like putting out an album.” {WWD}