SAN FRANCISCO--()--Continuing to execute on its global expansion strategy, Gap Inc. (NYSE: GPS) announced today the opening of two new locations in South Africa under its strategic alliances channel.
“South Africa is the natural next step for expanding our presence on the continent. The country has a thriving economy and high Gap brand awareness, so we believe there is tremendous opportunity for us in the market.”
“We are excited to bring Gap’s casual American style and store experience to more customers in South Africa,” said Stefan Laban, managing director of strategic alliances for Gap Inc. “South Africa is the natural next step for expanding our presence on the continent. The country has a thriving economy and high Gap brand awareness, so we believe there is tremendous opportunity for us in the market.”
Building on its existing wholesale relationship with Stuttafords department stores, Gap and Stuttafords are opening two additional stores under its existing wholesale agreement with Stuttafords in South Africa this week. The first opens today in Sandton City Mall in Johannesburg. The second will open tomorrow in Cape Town’s Tyger Valley Centre. Each store will house product from the international Gap, GapKids and babyGap collections, and the assortment will be customized seasonally to best suit the needs of local customers and climate.
Gap Inc. also announced plans to open stores in three additional growing apparel markets in 2012:
“Extending our presence in Africa, the Middle East and CIS demonstrates the effectiveness of our international formula and the continued flexibility of our franchise model, which allows us to reach new customers quickly around the world,” added Laban.
Gap Inc. is focused on growing its share of the global apparel market. Over the last six years, the company has grown its franchise store base to over 200, expanded to 34 countries throughout Asia, Europe, Latin America, the Middle East, Australia and Africa. In fiscal year 2011, Gap Inc. opened franchise stores in 8 new countries and grew the net sales of its franchise business 45 percent. The company expects to have 400 franchise stores by fiscal year 2014. More about Gap Inc.’s global runway can be downloaded from gapinc.com.
Address – South Africa Stores:
Sandton City Mall Sandton City, Rivonia Road, Sandown
Tyger Valley Centre, Willie Van Schoor Avenue, Bellville
This press release contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following:
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:
Additional information regarding factors that could cause results to differ can be found in the company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011, as well as the company’s subsequent Quarterly Reports on Form 10-Q.
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Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal year 2011 net sales were $14.5 billion. Gap Inc. products are available for purchase in over 90 countries worldwide through about 3,000 company-operated stores, about 200 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
Gap Inc. Media Relations