Posted on 14 February 2011
Mind The GAP
GAP, the international clothes retailer, has announced plans to open 90 Gap stores and 20 Banana Republic outlets in Turkey and Saudi Arabia over the next five years.
The outlets will be opened through GAP’s franchise partners, Fiba Holding A.S. in Turkey and Fawaz Alhokair Group in Saudi Arabia.
Each franchisee will have exclusive rights to operate the branded stores in their respective countries, the company said.
“Each of these countries has a strong, steadily growing economy, and consumers in these markets have a great interest in iconic apparel brands such as ours,” Ron Young, senior vice president of international strategic alliances, said in the release.
The first Banana Republic stores are expected to open by the spring of 2008, with all stores open by 2012. (Reuters – June 13th)