CHINA: Gap takes Old Navy to Shanghai
As part of overseas expansion efforts, specialty clothing retailer Gap Inc is to open its first Old Navy store in China and a dedicated e-commerce site in the first half of next year.
The store will be in one of Shanghai's busiest shopping and entertainment areas.
The news comes after the retailer earlier this year said it was eyeing a larger share of the US$1.4trn global apparel market through a number of new initiatives, including plans to franchise Old Navy stores overseas.
"China continues to be an important component of our overall expansion strategy and we are confident Old Navy will resonate very well with Chinese consumers," said Gap chairman and CEO Glenn Murphy.
"Bringing the Old Navy brand to China is a logical next step in delivering on our global growth strategy."
In addition, Gap unveiled plans to expand its presence in Asia with the debut of its first store in Taipei, Taiwan, in the first half of 2014 as well as an e-commerce site.
"Gap has strong brand recognition in the market, making it an ideal location to continue our expansion and bring Gap to more customers in the region," said Jeff Kirwan, president of Greater China for Gap.
The retailer started its foray into China in 2010, with four stores in Beijing and Shanghai, and has since grown to include both Gap specialty and Gap outlet stores with around 60 locations in 17 cities across mainland China and Hong Kong.
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