Gap to open 40 shops in India in 2015
MAHO KAWACHI, Nikkei staff writer
NEW YORK -- U.S. casual clothing chain Gap plans to enter India in 2015, opening some 40 franchise stores in the country.
It will team up with a major textile maker and set up shops in big cities such as Mumbai and Delhi. Gap expects the world's second-most populous country to become a major source of growth amid a slowdown in North America. Gap currently operates outlets, both directly and under franchise agreements, in about 50 countries.
The company will also accelerate its move into Asia, centering on China. It plans to raise the total number of store openings to 110 in mainland China, Hong Kong and Taiwan in the fiscal year through January 2015.
For the May-July quarter, Gap had global sales of $3.98 billion, up 3% on the year, and a net profit of $332 million, up 10%, the company announced Thursday. Its same-store sales were flat, compared with the same period a year earlier.