SAN FRANCISCO – August 22, 2013 – Gap Inc. (NYSE:GPS) today unveiled plans to bring Old Navy to China with the opening of its first store in Shanghai and an e-commerce site launching in the first half of 2014.
Old Navy makes current American fashion essentials accessible for the entire family. The first store will be located in one of the city’s busiest shopping and entertainment areas.
“China continues to be an important component of our overall expansion strategy and we are confident Old Navy will resonate very well with Chinese consumers,” said Glenn Murphy, Chairman and CEO, Gap Inc. “Bringing the Old Navy brand to China is a logical next step in delivering on our global growth strategy.”
The company also shared plans to expand Gap brand’s presence in the Asia region with the debut of its first store in Taiwan in the first half of 2014. The store will be located in Taipei and the company also plans to launch a dedicated e-commerce site for the market.
“We’re excited to bring Gap’s versatile, great fitting casual American style to Taiwan next year,” said Jeff Kirwan, President of Greater China for Gap Inc. “Gap has strong brand recognition in the market, making it an ideal location to continue our expansion and bring Gap to more customers in the region.”
Gap Inc. started its China retail business in late 2010 with four stores in Beijing and Shanghai, and has since grown to include both Gap specialty and Gap Outlet stores with about 60 locations in 17 cities across mainland China and Hong Kong.
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 2012 net sales were $15.7 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 300 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
About Old Navy
Old Navy is a global apparel and accessories brand that makes current American essentials accessible to every family. Originated in 1994, the brand has now grown to one of the largest apparel retailers in North America. A division of San Francisco-based Gap Inc. (NYSE: GPS), Old Navy brings a fun, energizing shopping environment to its customers in more than 1,000 stores in the U.S., Canada and Japan. For more information, please visit www.oldnavy.com or follow us at www.Facebook.com/OldNavy and www.Twitter.com/OldNavy.
About Gap
Gap is a global apparel and accessories brand focused on delivering casual, American style. The brand offers classic, iconic clothing that helps customers express their individuality through its Gap, GapKids, babyGap, GapMaternity and GapBody collections. With an optimistic point of view and belief that everyone can make their creative mark in the world, Gap embodies what it means to be bright. Founded in San Francisco in 1969 by Donald G. Fisher and Doris F. Fisher, the brand has grown from one store to over 1,600 company-operated and franchise retail locations around the world. Gap brand has had stores and an online presence in China since November 2010. To learn more, visit www.gap.cn or www.gap.hk.
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:
- International expansion and global growth strategy, including stores and e-commerce for Old Navy in China and Gap in Taiwan.
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;
- the highly competitive nature of the company’s business internationally;
- the risk that the company will be unsuccessful in gauging apparel trends and changing consumer preferences;
- the risk to the company’s business associated with global sourcing and manufacturing, including sourcing costs, events causing disruptions in product shipment, or an inability to secure sufficient manufacturing capacity;
- 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;
- 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 August 22, 2013. 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.
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