Gap Inc. has announced that an agreement has been reached to expand its partnership with the franchising company, Fiba Holding A.S., to bring its Gap and Banana Republic brands to Russia. As a result, the company now has agreements to operate franchise stores in 17 countries.
Ron Young, senior vice president of international strategic alliances for Gap Inc., commented on this agreement, saying, “With 80 franchise stores around the world, we’ve learned a great deal about how well our Gap and Banana Republic brands resonate with customers in many diverse countries. We’re very selective in choosing our franchising partners. It made perfect sense to expand our work with a strong existing partner to take our brands to the vibrant shopping areas in Russia.”
According to the information given, Fiba Holding A.S. currently operates franchise stores for the Gap and Banana Republic brands in Turkey. Furthermore, it has a proven track record in franchise operations in Russia and is the ninth largest bank in Russia. Under the terms of this agreement, Fiba Holding A.S. is planning to open Gap and Banana Republic stores over the next five years. The first Gap stores are expected to open in 2008 and the first Banana Republic stores in 2009.
Logo from Gap.
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