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Gap Inc to add 20 new outlets in China this year
Online Edition
US apparel retailer Gap Inc said it will introduce a new brand into China and open the first Old Navy store in Shanghai nearly next year to complement the 60 Gap stores in the country.
It will also add 20 more Gap stores in China to bring the total number of outlets to 80 by the end of this year.
"The strong business performance of our stores in the past two years has given us confidence to expand business in China," said Jeff Kirwan, president of Gap Inc China.
He said the company is leveraging its strength to operate multiple brands in the country. Old Navy specializes in American-style clothes more suitable for ordinary consumers.
“Bringing the Old Navy brand to China is a logical next step in delivering on our global growth strategy," said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Garment and textile sales in China grew 11.9 percent in the January-July period from a year earlier to 617.4 billion yuan, according to the National Bureau of Statistics.
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