American clothing and accessories chain Gap in partnership with Indian textile giant Arvind is finally set to open its first store in India on Saturday. Gap has been late to enter India compared to other international high street brands such as, Marks & Spencer and Zara, has kept its prices low.
The company to open 40 stores in the country and is eyeing sales of around Rs 1,000 crore in the next six years.
J Suresh, MD of Arvind Lifestyle Brands said that they have Indianised prices of Gap products with no comprise on quality. A t-shirt will start at around Rs 999. The products will be sourced from Gapâ€™s global supply chain.
By mid next year, Arvind plans to open 10 Gap stores in the top metros by investing around Rs 100 crore, J Suresh said on the eve of Gapâ€™s first store launch in the Capital.
Gap, which originally targeted younger generations (the word â€˜Gapâ€™ refers to generation gap), has been focusing on international expansion to counter sluggish sales in the US. Emerging markets are a big opportunity for them, said Ismail Seyis, VP, Gap Franchise.
According to industry estimates, at present Indiaâ€™s apparel retail market is pegged at around $40 billion and is expected to grow to around $60 billion in the next five years.
Gap are encouraged by the high brand awareness in India. However, the company rules out bringing Gapâ€™s other brands, including Banana Republic and Old Navy, to India at the moment.
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