Tuesday, May 15, 2012: 09:00:34 PM

Global News

GAP Keen on Latin American Expansion

American clothing and accessories retailer, GAP Inc., plans to spread its business to Latin America. The US-based company recently opened its GAP and Banana Republic stores in Panama, and has plans to venture into Colombia, Uruguay and Peru. Gap also looks forward to investing in Brazil and the adjoining South American nations. The company wants to tap the growing awareness for its products in Latin America. GAP is looking at global expansion for raising its profits. The companyís international sales are expected to drive 30 percent of its income next year, as it opens stores across Asia and Latin America.

Last year GAP collaborated with Komax and opened its first store in Chile, and by October 2011 had a flagship store in Warsaw, Poland. Currently the company has 3,245 company-owned and franchise store locations, and expects to open about 200 store locations in the next 12 months. Founded in 1969 by Donald G Fisher and Doris F Fisher, the company has five primary brandsóGAP, Banana Republic, Old Navy, Piperlime and Athleta.

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