Clothing retailer Gap Inc continues global expansion
18 Apr '06
3 min read
Clothing retailer Gap Inc has announced a franchise agreement with leading retailer, Al Tayer Group, to introduce Gap and Banana Republic brands into five key markets in the Middle East.
Al Tayer Group plans to open about 25 Gap and about 10 Banana Republic stores by 2010. The first Gap stores will open in the later part of 2006 and the first Banana Republic stores are scheduled to open in 2007.
"The Middle East, with its young and affluent population, is a particularly attractive market for the Gap and Banana Republic brands. Dubai, in particular, is a world class shopping destination with some of the largest and most important shopping malls in the world," said Joshua Schulman, Senior VP of Gap Inc's International Strategic Alliances and Gap Japan Merchandising.
"Through our alliance with Al Tayer Group and their deep understanding of these areas, we are now able to bring Gap's casual style and Banana Republic's affordable luxury to consumers in these dynamic markets," he added.
This is Gap Inc's second franchise agreement to extend its portfolio of brands to international markets. It follows the company's January announcement that Gap and Banana Republic stores will open under franchise and distribution agreements in Singapore and Malaysia.
Under its agreement with a Gap Inc subsidiary, Al Tayer Group and its local subsidiaries will hold exclusive rights to operate Gap and Banana Republic branded apparel and accessories stores in the United Arab Emirates, Kuwait, Qatar, Bahrain, and exclusive rights for Gap in Oman.
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