Gap Inc. announces plan to more than triple sales in Chinese market in 3 years
April 18, 2014, 12:31 am TWN
NEW YORK--Gap Inc. announced Wednesday it plans to more than triple sales in China in three years as it seeks to grab a bigger piece of the overall US$1.4 trillion global clothing market.
The San Francisco-based clothing chain, which operates stores under the Gap, Old Navy, Banana Republic and Athleta brands, generated US$300 million in sales in China in the latest fiscal year ended Feb. 1. It says China will be its biggest growth initiative.
The company had 81 Gap stores in China at the end of last year and unveiled its first Old Navy store in the country earlier this year. It plans to open about 30 additional Gap stores in China in the current fiscal year.