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Santiago store expected in fall 2011
Gap Inc. (San Francisco), which recently expanded its global reach to China, has entered a franchise agreement to introduce its brand in South America. The first store is expected to open in Santiago, Chile, in the Parque Arauco mall in September 2011.
Gap Inc. signed a franchise agreement with Komax, for exclusive rights to operate Gap brand stores in Chile. Komax will purchase merchandise from Gap and must adhere to the company’s quality standards.
“We are looking forward to offering Gap’s modern, cool American designs to customers in a retail sector that is strong, and has an exceptional demand for fashion,” says Stephen Sunnucks, president, Gap Inc., Europe and Strategic Alliances. “Komax has impressed us with their local expertise in the market and proven track record of launching international brands to customers in Chile.”
With this agreement, Gap has franchise agreements in place for 25 countries on six continents, totaling 165 franchise stores. By 2015, the company plans to grow its number of franchise stores to 400. The brand’s first store in Italy will open by the end of November.
Gap Inc., which operates more than 3000 stores across the globe, projects that by fiscal 2013, international and online sales will account for more than a quarter of its total net sales.
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