Business
Gap Inc. to open 40 India stores in four years
By
By Aparajita GuptaNew Delhi, June 4
Gap Inc., the San
Francisco-based, $16.4-billion clothing, accessories and personal care
products major, will launch 10 new stores in Bangalore, Mumbai and New
Delhi over the next one year, after it opened its first one here last
week, a top company official said.
“We will come up with 40
stores in the next four years. Out of these, 10 stores will be set up by
mid of next year,†J. Suresh, managing director and chief executive
officer of the franchisee, Arvind Lifestyle Brands, told IANS.
“Each
store will entail an investment of Rs.8-10 crore. It will include both
the capital expenditure and working capital,†he said. Asked about
funding for subsequent stores, Suresh said: “It will be through internal
accruals.â€
Gap is an American multinational for clothing and
accessories, founded in San Francisco in 1969. Now selling under the
brand names of Gap, Banana Republic, Old Navy, Athleta and Intermix, it
started its first international store in London in 1987.
The first outlet of the brand in India opened in the national capital on May 30.
Company officials said in the next one year alone, the company expects to generate 350-400 jobs in India through 10 stores.
Suresh
said the company will have a range of merchandise under the Gap
umbrella. “We will offer all kinds of category from Gap -- these will be
at par with all our international locations like New York and London.â€
Gap
also connects with customers online and across the brand’s more than
1,700 company-operated and franchise retail locations around the world.
It has women's and men's apparel and accessories, GapKids, babyGap,
GapMaternity, GapBody and GapFit collections.
Arvind Lifestyle so far has tie-up with 15 international brands, including Tommy Hilfiger and Calvin Klein for India.
"We
have now been able to bring Gap's casual, American style to customers
in India and we have been encouraged by the positive response from our
launch so far," said Ismail Seyis, vice president of Gap Franchise.
"Our
brand awareness is very high and it is apparent there is a deep
affinity for Gap in India. We are looking forward to providing a unique
branded shopping experience across India."
(Aparajita Gupta can be reached at [email protected])