FJ Benjamin brings Gap & Banana Republic in Singapore
19 Jan '06
3 min read
Clothing retailer Gap Inc announced agreements to expand its Gap and Banana Republic brands to two key Southeast Asian markets.
One of Gap Inc's subsidiaries has signed agreements with wholly-owned subsidiaries of F J Benjamin Holdings Ltd.
Under the agreements, F J Benjamin will hold exclusive rights to operate Gap and Banana Republic branded apparel and accessories stores in Singapore and will hold exclusive rights to distribute Gap and Banana Republic products in Malaysia.
Gap Inc's subsidiary's franchise agreement with FJ Benjamin for Singapore and distribution agreement for Malaysia, which the company expects to convert to a franchise agreement after regulatory approval, demonstrate the company's first step toward expanding the Gap and Banana Republic brands via international franchises.
They are part of the company's previously announced strategy for international growth.
“We are bringing Gap and Banana Republic to more customers throughout the world,” said Andrew Rolfe, President of Gap Inc International. “Singapore is a shopping destination for Southeast Asia and Malaysia is one of the fastest-growing markets with shopping malls.”
“F J Benjamin has significant expertise in this market and we're delighted to enter this collaboration with them to bring Gap's fresh, casual, American style and Banana Republic's affordable luxury to fashion-savvy customers.”
F J Benjamin plans to open about 30 stores inSingapore and Malaysia by 2010, opening the first Gap store in the fall of 2006 and the first Banana Republic store in 2007.