As part of a franchise agreement with Rustan Group of Companies, the US clothing giant is set to open eight Gap stores and four Banana Republic stores in the country over the next five years. The first Gap store will open at the end of this year and the first Banana Republic store by spring next year.
Gap senior vice-president of international strategic alliances Ron Young said: “The Philippines represents a natural market for Gap to expand its international presence. The country has a strong, steadily growing economy and consumers in this market have a great interest in iconic apparel brands such as ours.
“We’re pleased to have forged a relationship with such an excellent local partner. In addition to strong operational expertise and a deep understanding of its local customer base, the Rustan Group of Companies has a track record of successfully introducing well-known fashion and apparel brands to international markets.”
Gap directly operates Gap-branded stores in six countries and Banana Republic stores in three. It also has franchise agreements for Gap and Banana Republic in Bahrain, Indonesia, Kuwait, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, South Korea, Turkey and the United Arab Emirates.
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