Magazines Archives - 2007 October
Gap to expand to the Philippines by 2012
GAP INC, US-based clothing and accessories retailer, has made a franchise agreement with Rustan Group of Companies, one of the Philippines leading wholesale and retail companies, to open eight Gap and four Banana Republic outlets across the country within the next five years.
Said Ron Young, senior vice-president of international strategic alliances for Gap Inc: The Philippines represents a natural market for Gap Inc 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.
This venture with the Rustan Group will allow Gap to gain a better foothold in the country, through strong operational expertise and a deep understanding of [Rustans] local customer base. Furthermore, the Rustan Group has a track record of successfully introducing well-known fashion and apparel brands to international markets.
The first Gap store is expected to open its doors by year-end, followed by the first Banana Republic branch before mid-2008.