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Komax to bring American Gap
19
Nov '10
Continuing its global expansion, Gap Inc. announced a franchise agreement to introduce Gap brand in South America. The first Gap store is expected to open in Santiago, Chile in the Parque Arauco mall in September 2011. With the announcement, Gap Inc. now has franchise agreements in place for a total of 25 countries on six continents.

Gap Inc. has signed a franchise agreement with Komax, for exclusive rights to operate Gap brand stores in Chile. Komax will purchase merchandise from Gap and must adhere to the company's quality standards.

“We are looking forward to offering Gap's modern, cool American designs to customers in a retail sector that is strong, and has an exceptional demand for fashion,” said Stephen Sunnucks, President, Gap Inc., Europe and Strategic Alliances. “Komax has impressed us with their local expertise in the market and proven track record of launching international brands to customers in Chile.”

The franchise business is a key part of Gap Inc.'s global business strategy. At the end of the third quarter of fiscal year 2010, the company had 165 franchise stores in 23 countries throughout Asia, Eastern Europe, Latin America, the Middle East and Australia. By 2015, the company plans to grow its number of franchise stores to 400.

Gap Inc. will continue to enter new markets through company-owned and online channels. Gap Inc. recently opened its first wholly owned stores in China and later this month it will open its first store in Italy. As of today, Gap Inc. is able to sell products to customers in more than 80 countries, up from 25 at the start of the fiscal year. This includes China and Italy, two of the top ten apparel markets in the world.

The company projects that by fiscal 2013, international and online sales will account for more than a quarter of its total net sales.

Gap Inc

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