Additionally, the company announced plans to open the first stand-alone Banana Republic stores in Mexico later this year.
By the end of 2013, Gap Inc. expects to have a presence in eight Latin American countries, including Chile, Panama, Colombia, Mexico, Uruguay, Paraguay, Peru and Brazil with expectations to add a brand presence in Costa Rica in the near future.
Gap Inc. has signed a new agreement with Neutral to open the first Gap store in Paraguay later this year. Neutral launched Gap in Uruguay in November 2012. “We look forward to bringing Gap’s distinctly American style to consumers in Paraguay where we have high brand awareness,” said Stefan Laban, SVP, Gap Specialty International. “Paraguay marks yet another important step for the company as we continue our growth into Latin American markets.”
Gap Inc. will open its first two Gap stores in Budapest, Hungary through an existing relationship with Gottex Brands which is a part of the Trimera Group. Budapest offers an exciting platform for Gap Inc. to bring Gap’s casual American style and store experience to customers as it is one of the great international cities with a unique and youthful atmosphere as well as a high rate of tourism.
Banana Republic will open the first free-standing store in Mexico in late 2013 through an existing agreement with retail partner Distribuidora Liverpool, S.A. DE C.V. Previously, Gap Inc. offered Banana Republic-branded merchandise in a franchise “store-within-a-store” concept at the Liverpool Department stores. This will be the first stand-alone Banana Republic store in Mexico and will provide a full product assortment and branded store experience to the local consumers.
Gap Inc. has significantly expanded the international reach of its brands since launching its first franchise operated store in 2006. Over the last six years, Gap Inc. has substantially grown its store base and currently has over 300 franchise stores across the world. Gap Inc. franchise stores can be found in 40 markets throughout Asia, Europe, Latin America, the Middle East and Australia.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2012 net sales were $15.7 billion.
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