SAN FRANCISCO - Sept. 3, 2013 - (BUSINESS WIRE) - Gap Inc. (NYSE: GPS) announced today it will open its first franchise-operated Old Navy stores in the Philippines in 2014. Earlier this year, the company announced its plans to begin franchising Old Navy stores internationally.
Franchising Old Navy stores is a key step in the company’s international expansion as it works to grow its share of the global retail apparel market.
Gap Inc. will partner with Stores Specialists, Inc., which operates Gap brand and Banana Republic stores in-market, to open two Old Navy locations in the beginning of 2014 with plans to open additional stores by the end of the same fiscal year.
“With a steadily growing retail market, the Philippines represents a great opportunity for Old Navy and an important step in the brand’s international expansion,” said Sonia Syngal, Senior Vice President of Old Navy International. “Consumers have a great interest in the iconic American brand Old Navy, and we look forward to making current American fashion essentials accessible for every family.”
Old Navy stores will feature the same energizing store environment that the brand has become known for in the United States and will offer men’s, women’s, kid’s and baby apparel and accessories.
“We’re thrilled to be the first franchisee for Old Navy and help introduce one of the largest apparel brands to consumers in the Philippines,” said Anthony Huang, Executive Vice President, Stores Specialists, Inc. “As the country’s retail market continues to grow, we look forward to sharing our local expertise with Gap Inc. to help the company grow its presence.”
Old Navy currently operates over 1,000 stores in the U.S., Canada and Japan and recently announced plans to open stores in China in the first half of 2014.
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 February 2, 2013, as well as the company’s subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of September 3, 2013. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Old Navy is a global apparel and accessories brand that makes current American essentials accessible to every family. Originated in 1994, the brand has now grown to one of the largest apparel retailers in North America. A division of San Francisco-based Gap Inc. (NYSE: GPS), Old Navy brings a fun, energizing shopping environment to its customers in more than 1,000 stores in the U.S., Canada and Japan. For more information, please visit www.oldnavy.com.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2012 net sales were $15.7 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 300 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
Stores Specialists, Inc. (SSI) is a wholly Filipino-owned corporation established in 1987 with the mission of pioneering into freestanding specialty store concepts. It broke ground in specialty retailing by expanding its distribution through freestanding stores in prime shopping malls in Metro Manila. Through the last two decades, SSI grew its retailing operations by acquiring the exclusive marketing and franchise rights to some of the finest and most prestigious international brands in the world. It is now the leading specialty store retailer in the Philippines, trading over 600 stores to date.