American lifestyle retailer, Gap Inc plans to extend its presence in India by entering into a partnership agreement with Arvind Lifestyle Brand Ltd, a subsidiary of Arvind Ltd, which is one of Indiaâ€™s largest textile companies through franchise -operated Gap brand stores next week and aims to open a total of 40 stores in India.
According to Global President of Gap, Steve Sunnucks, India is an emerging, vibrant market with more than 1.2 billion people; the worldâ€™s second most populated country represents an important platform to bring American casual style to consumers around the world and an important next step of their global expansion strategy.
The first stores are expected to open in India's two largest cities - Mumbai and Delhi - starting with Gap's Summer 2015 collection for adults, kids and babies.
More than half of India's population is under 25 and they are actively embracing fashion in today's retail environment, said, Vice President of Gap Global Franchise, Ismail Seyis.
Knowing that their brand awareness is very high and there is a deep affinity for Gap in India. They look forward to gaining a deeper understanding of the marketplace and consumer needs to create the best possible Gap brand experience for the local consumers.
Gap Inc. has a long-standing commitment to India having sourced products from the country for decades. India is one of the companyâ€™s top ten global sourcing locations and Gap Inc. has worked in an effort to build meaningful relationships.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, almost 400 franchise stores, and e-commerce sites.
The company currently has 231 Gap stores in Asia and also aims to open 110 Gap stores in mainland China, Hong Kong and Taiwan this year.
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