Gap has revealed plans to enter into the Chinese market, starting with four stores and an online site to launch towards the end of this year, and has poached senior executives from Tesco and Best Buy to lead its charge into the country.
The US fashion giant has agreed deals on two stores each in Shanghai and Beijing, which will be wholly owned and operated by Gap. Stores in other major regions of China, including Hong Kong, are planned over the year ahead, and will feature the full range of adult, kids and baby products.
The company plans to open a headquarters for China in Shanghai, and has appointed Redmond Yeung, president and chief operating officer of Best Buy in China, as President, China. It has also appointed Tesco’s Executive Vice President and Chief Operating Officer for China Lorenzo Moretti as Managing Director, China.
“We’ve appreciated all the guidance we’ve received from Chinese government officials as well as business partners,” said Gap chairman and CEO Glenn Murphy, “and we’re confident that the combination of a seasoned team of executives as well as our initial investment of four Gap stores will help us successfully integrate our brands into China’s dynamic retail market.”