At its annual investor meeting Wednesday, Gap Inc. (San Francisco) announced it hopes to triple its presence in China in the next three years, growing its business there to $1 billion, according to Women's Wear Daily.
In 2013, the Gap division opened 34 stores in Mainland China to finish the year with 81 units and about $300 million in sales, WWD reported. The number has since risen to 83, of which 15 are outlets, and an additional 30 stores are expected to open this year. The company also recently debuted its first Old Navy store in Mainland China and plans to have a total of five by the end of the year.
The investor meeting also focused on Gap's plans to grow through expansion in other parts of Asia, as well as in its global outlet, online and franchise channels. Another highlight was the long-term potential of its fast-growing Athleta brand.
“In the next five years, we plan to leverage our scale to drive our strategic initiatives — including global growth plans, omni-channel strategies, a seamless inventory model and fully responsive supply chain. We expect these initiatives to contribute meaningfully to our revenue growth and operating profit,” Glenn Murphy, Gap Inc.'s chairman and ceo, said in a press release.
Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, more than 350 franchise stores, and e-commerce sites.