Gap Inc is eyeing a larger share of the $1.4 trillion global apparel market through a number of new initiatives including plans to franchise Old Navy stores overseas.
Also included in the strategies outlined at the company’s annual investor meeting in San Francisco yesterday was expansion online and overseas, especially in China.
“Gap Inc is determined to build upon its product and revenue momentum in 2012, which was achieved as we focused on becoming the world’s favorite for American style,” says Glenn Murphy, chairman and CEO.
“Over the next five years, key to our continued success will be pushing the envelope further to make shopping seamless to customers through our digital strategy, while seizing the opportunity for Old Navy in many untapped international markets.”
The company expects to start to franchise Old Navy in key international markets next year, and is considering opening company-owned Banana Republic and Gap stores in China.
Murphy and company leaders also say they are discussing opportunities to grow the Athleta, Piperlime and Intermix brands in North America.
The company, which operates 3,100 stores and over 300 franchise stores under the Gap, Banana Republic, Old Navy, Piperlime, Athleta and Intermix brands, is also focusing on a seamless omni-channel experience that merges online and brick-and-mortar shopping.
The end-to-end system includes capabilities such as ship-from-store, find-in-store and reserve-in-store to help drive store traffic and conversion.
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