Fashion retailer Gap is making new forays into Paraguay, Hungary and Mexico with its Gap and Banana Republic brands.

The US company has signed a new agreement with existing franchise partner Neutral to open the first Gap store in Paraguay later this year – after Neutral launched Gap in Uruguay last November.

The first two Gap stores in Budapest will open this year through a deal with another existing franchise partner, Gottex Brands.

And, in Mexico, Banana Republic will open its first free-standing store in late 2013 through an existing agreement with retail partner Distribuidora Liverpool.

Previously, Banana Republic had been present via “store-within-a-store” concepts in Liverpool department stores.

Gap said that, by the end of this year, it would have a presence in eight Latin American countries: Chile, Panama, Colombia, Mexico, Uruguay, Paraguay, Peru and Brazil – with plans to add Costa Rica in the near future.