Gap Inc. announced it will open its first stores in Africa. The company will open a Gap store in Egypt in July and Gap and Banana Republic stores in Morocco in October.
In Egypt, Gap Inc. will open its first store in Cairo’s Mall of Arabia as a part of a franchise agreement with The Fawaz Al Hokair Group. The company will open two additional stores in Egypt in October. The Fawaz Al Hokair Group currently manages Gap’s stores in Jordan, Kazakhstan and Saudi Arabia.
Gap and Banana Republic locations in Morrocco will fall under a newly-signed franchise agreement with the Aksal Group. The stores will open in the city of Casablanca in the new Morocco Mall when it opens in October.
"We are thrilled to be taking another important step in our franchise business and global expansion strategy by bringing our store experience to consumers in Africa for the first time," said Stephen Sunnucks, president of International, Gap Inc. "The rapidly growing consumer base in North Africa provides an ideal environment to introduce both Gap and Banana Republic to the continent."
In the company’s announcement, Gap Inc. said it began shipping its merchandise to consumers in Egypt, Morocco, and South Africa through its international online shipping provider last year. Gap Inc. said it is focused on gaining a larger share of the $1.4 trillion global apparel market.
The company has grown its franchise store base to more than 180 and expanded from two to 25 countries throughout Asia, Europe, Latin America, the Middle East and Australia in the past five years. The company now has franchise agreements that put its brands in 29 countries. Gap Inc. is looking to double its franchise stores to 400 by fiscal year 2014.
