Fiba to introduce Gap & Banana Republic brands in Russia
21 May '08
2 min read
Expanding its partnership with prominent franchising company Fiba Holding A.S., Gap Inc announced an agreement that will bring its Gap and Banana Republic brands to customers in Russia. With this announcement, the company has agreements to operate franchise stores in 17 countries.
“With 80 franchise stores around the world, we've learned a great deal about how well our Gap and Banana Republic brands resonate with customers in many diverse countries,” said Ron Young, senior vice president of international strategic alliances for Gap Inc.
“We're very selective in choosing our franchising partners. It made perfect sense to expand our work with a strong existing partner to take our brands to the vibrant shopping areas in Russia.”
Fiba Holding A.S. currently operates franchise stores for the Gap and Banana Republic brands in Turkey, as previously announced.
Fiba Holding A.S. has a proven track record in franchise operations in Russia and is the ninth largest bank in Russia.
Under this agreement, Fiba Holding A.S. plans to open Gap and Banana Republic stores over the next five years.
The first Gap stores are expected to open for the 2008 holiday season and the first Banana Republic stores are expected to open for the 2009 holiday season.
Since the program began two years ago, more than 60 Gap franchise stores and more than 20 Banana Republic franchise stores have opened.
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