Gap has revealed plans to shutter its multi-brand Piperlime fashion fascia in the first quarter of 2015.

Piperlime, which operates online and from one store in New York, has annual revenue of less than $100m (£65.8m), representing less than 1% of Gap’s total revenue base of $16bn (£10.5bn).

It began as an online shoe boutique in 2006 and was intended to compete with Zappos. Over time, it expanded into apparel.

Gap said it now plans to focus on its portfolio of five brands: Gap, Old Navy, Banana Republic, Athleta and multi-brand operator Intermix.

“We are incredibly grateful to our fashion-focused, loyal customers, and proud of our dedicated employees who have been working hard to evolve the brand and test out new ideas,” said incoming Gap chief executive Art Peck. 

“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 as we continue to bring great products and shopping experiences to our customers.”