Gap
Inc. (NYSE: GPS) today announced Old Navy’s opening of the brand’s
first store in China, continuing its expansion outside the U.S.
With the debut of Old Navy’s first company-operated store, opening March
1 on Shanghai’s famous Nanjing West Road, the company plans to build on
Gap brand’s three-year run of successful growth in the world’s second
largest apparel market. A dedicated Old Navy e-commerce site will also
be available simultaneous to the store opening, allowing customers
across mainland China to shop the brand’s offerings for the entire
family.
“At Old Navy, we’re about making current American fashion essentials
accessible for every family,” said Stefan Larsson, global brand
president, Old Navy. “As we enter our 20th year, we’re
excited to introduce our brand to more customers around the world and
share our fun, energizing and unique shopping environment.”
The 22,000 square foot (2,000 square meters), three-level Shanghai store
is located in the Jing’an District, a major commercial area known for
shopping, sightseeing, hotels and office buildings that draws thousands
of locals and overseas visitors. The store features iconic elements from
Old Navy’s U.S. flagship stores such as the famous “Super Modelquins”
and Magic the Dog, as well as interactive features that will make
shopping fun for the entire family, such as touchscreen video games and
game tables.
“We plan to open a total of five stores in China in fiscal 2014,
starting with the Shanghai store,” said Robert Frank, Old Navy’s
executive vice president of international. “With our China entry,
continued growth in Canada and Japan and the launch of our franchise
business in the Philippines next month, we are well positioned to grow
our share of the global retail apparel market.”
The entry into the Chinese market follows Old Navy’s successful launch
in Japan in 2012. Old Navy plans to open about 25 additional stores this
year in Japan, bringing the total number of stores in the country to
approximately 43 by the end of 2014.
Launched in 1994, Old Navy brings fun, fashion and value to the whole
family. Customers quickly connected with the brand, as Old Navy became
the first retailer to reach $1 billion in annual sales in less than four
years of operation. Old Navy operates more than 1,000 stores in the
U.S., Canada and Japan and has an e-commerce presence that serves
customers in nearly 80 countries around the world.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories,
and personal care products for men, women, children, and babies under
the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix
brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products
are available for purchase in more than 90 countries worldwide through
about 3,100 company-operated stores, over 350 franchise stores, and
e-commerce sites. For more information, please visit www.gapinc.com.
Forward Looking Statements
This press release contains forward-looking statements within the “safe
harbor” provisions of the Private Securities Litigation Reform Act of
1995. All statements other than those that are purely historical are
forward-looking statements. Words such as “expect,” “anticipate,”
“believe,” “estimate,” “intend,” “plan,” “project,” and similar
expressions also identify forward-looking statements. Forward-looking
statements include statements regarding the following:
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Old Navy store openings in China in fiscal 2014;
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Launch of the Old Navy franchise business in the Philippines;
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Old Navy store openings in Japan in fiscal 2014; and
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Total number of Old Navy stores in Japan at the end of fiscal 2014.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company’s actual results to differ materially from those in the
forward-looking statements. These factors include, without limitation,
the following:
-
the risk that changes in general economic conditions or consumer
spending patterns could adversely impact the company’s results of
operations;
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the highly competitive nature of the company’s business
internationally;
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the risk that the company will be unsuccessful in gauging apparel
trends and changing consumer preferences;
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the risk that the company will be unsuccessful in identifying,
negotiating, and securing new store locations and renewing, modifying
or terminating leases for existing store locations effectively;
-
the risk that natural disasters, public health crises, political
crises, or other catastrophic events could adversely affect the
company’s operations and financial results;
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the risk that acts or omissions by the company’s third-party vendors,
including a failure to comply with the company’s code of vendor
conduct, could have a negative impact on its reputation or operations;
-
the risk that the company will not be successful in defending various
proceedings, lawsuits, disputes, claims, and audits; and
-
the risk that changes in the regulatory or administrative landscape
could adversely affect the company’s financial condition, strategies,
and results of operations.
Additional information regarding factors that could cause results to
differ can be found in the company’s Annual Report on Form 10-K for the
fiscal year ended February 2, 2013, as well as the company’s subsequent
filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of February
27, 2014. The company assumes no obligation to publicly update or revise
its forward-looking statements even if experience or future changes make
it clear that any projected results expressed or implied therein will
not be realized.
Copyright Business Wire 2014