Gap unveils Chinese expansion plans
28 June 2010 09:18
Gap Inc has unveiled details of its entry into China – the cornerstone of the company's global expansion strategy – with plans to open Gap stores in Beijing and Shanghai in late 2010, and simultaneously bring an online shopping experience to all Chinese consumers.
The first four Gap stores will feature a full range of Gap adult, GapKids and babyGap products.
To lead the expansion, the company has appointed Redmond Yeung as president, China and Lorenzo Moretti, as managing director, China.
Both Mr Yeung and Mr Moretti are accomplished executives who together bring hands-on experience building global brands including Best Buy, Tesco and Marks & Spencer.
"For over 15 years, we've been increasing our connection to global consumers by offering Gap's American inspired casual style to now over 25 countries," said Glenn Murphy, chairman and CEO.
"Now, after spending a lot of time listening to Chinese consumers and learning more about their shopping preferences, we're excited at the prospect of meeting their fashion needs - initially by bringing our Gap designs to our stores and online later this year."
Mr Murphy continued: "We've appreciated all the guidance we've received from Chinese government entities as well as business partners, and we're confident that the combination of a seasoned team of executives as well as our initial investment of four Gap stores in world famous urban centres will help us to successfully integrate our brands over time into China's dynamic retail market."
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