Clothing retailer Gap Inc. Wednesday said it struck a deal with two franchisees to open 90 Gap stores and 20 Banana Republic outlets in Saudi Arabia and Turkey over the next five years.
Gap’s (up $0.10 to $18.85, Charts, Fortune 500) franchise partners are Fawaz Alhokair Group in Saudi Arabia and Fiba Holding A.S. in Turkey, San Francisco-based Gap said in a statement.
Each franchisee will have exclusive rights to operate the branded stores in their respective countries, the company said in a release.
“Each of these countries has a strong, steadily growing economy, and consumers in these markets have a great interest in iconic apparel brands such as ours,” Ron Young, senior vice president of international strategic alliances, said in the release.
FranchiseBrief.com on June 14th, 2007 at 2:07 pm
I am surprised they are not there yet…