Gap Inc. to Bring Banana Republic Flagship to Avenue Des Champs Elysees
Company Steps Up International Growth and Brings Affordable Luxury Offering to France for the First Time
PARIS – August 29, 2011 - Gap Inc. announced today plans to open its first Banana Republic store in France in Paris in early December 2011. Synonymous with culture, quality, heritage and style, the store will be located on Avenue des Champs Élysées, one of the most popular international shopping destinations in the world.
“Following the success of our London and Milan openings, we are delighted to bring Banana Republic to Paris and take another exciting step in our international growth strategy,” said Stephen Sunnucks, president, International, Gap Inc. “With loyal customers across Europe, both in our stores and online, we are confident that Banana Republic’s proposition of affordable luxury will resonate well with Parisian customers.”
The flagship store is part of Gap Inc.’s ongoing strategy to bring Banana Republic’s affordable luxury offering to new markets around the world, including Europe. Last year, the company opened its first Banana Republic store in Italy in Milan. In 2010, the company also made Banana Republic products available to European customers online by launching a dedicated e-commerce site (www.bananarepublic.eu). Today, this site services 21 European countries, including France. Gap Inc. currently operates more than 600 Banana Republic stores in the United States, United Kingdom, Canada, Italy, and Japan.
The Paris flagship will represent the most contemporary expression of the brand globally. With 1,482 square meters (15,952 square feet) over two floors, the space has been renovated to combine contemporary and traditional elements that evoke the brand’s essence.
“The store will offer the best of ‘city style’ that appears in our stores in all our hub cities – from New York, to Tokyo, London, Milan and now, in Paris,” said Sunnucks, “Combining affordable luxury with impeccable service and Avenue Champs Elysees, this store is set to become a ‘must visit’ destination for the Parisians and visitors alike.”
The store’s unique architecture and rich materials are inspired by the heritage of France and connect back to America through an exhibition of iconic imagery curated by Michael Hoppen. Many of the building’s original architectural details have been retained and updated; the contemporary white and black diamond marble floors combined with limestone, sweeping marble feature staircase and an old era style lift offering elegant access to the main shopping area lit by a Charles Edwards chandelier. French Art Deco antiques, sophisticated curved ebony paneling and black enamel detailing create the feeling of a residential environment while a series of neoclassical arches and vaults evoke a shopping promenade.
Since its founding in 1978, Banana Republic has established itself as a brand offering a range of stylish, versatile wardrobe solutions delivering elevated design and luxurious fabrications at approachable prices to customers around the world. The Paris flagship will offer the brand’s covetable, uncomplicated style that works from day to night and will house the women’s and men’s ready-to-wear collections, accessories and personal care products, including Monogram – a collection of wardrobe builders and statement makers that represent the very best of Banana Republic. Each item is created in limited quantities using the finest fabrics, most refined techniques and meticulous attention to detail.
The Paris store will also include Banana Republic’s bespoke approach to customer service to create the ultimate shopping experience. The store will host trained personal stylists who customers can book appointments with to obtain free styling advice. These appointments will be tailored to individual needs with alterations also provided and can be booked in person or over the phone.
22 Avenue des Champs Élysées, Paris, 75008
This press release contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following:
- Banana Republic Paris store opening date;
- International growth strategy
- Bringing Banana Republic to new markets around the world
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:
- The risk that changes in general economic conditions or consumer spending patterns will have a negative impact on the company’s strategies;
- The highly competitive nature of the company’s business internationally;
- The risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences;
- The risk that the company’s efforts to expand internationally may not be successful and could impair the value of its brands;
- The risk that the company’s franchisees will be unable to successfully open, operate, and grow the company’s franchised stores;
- The risk that the company will be unsuccessful in identifying, negotiating, and securing new store locations effectively;
- The risk that the company will be unsuccessful in implementing its strategic, operating and people initiatives;
- The risk that updates or changes to the company’s information technology (“IT”) systems may disrupt its operations;
- The risk that acts or omissions by the company’s third-party vendors, including a failure to comply with the company’s code of vendor conduct, could have a negative impact on its reputation or operations;
- The risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; and
- The risk that changes in the regulatory or administrative landscape could adversely affect the company’s financial condition, strategies, and results of operations.
Additional information regarding factors that could cause results to differ can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011, as well as its most recent Quarterly Report on Form 10-Q.
These forward-looking statements are based on information as of August 29, 2011. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
About Banana Republic
Banana Republic is a global accessible luxury brand that delivers modern, soulful and effortless style. Banana Republic’s lifestyle collections are characterized by elevated design and luxurious fabrications at approachable prices. Banana Republic collections include apparel, handbags, jewelry, fragrance and eyewear. Banana Republic, a division of San Francisco-based, Gap Inc. (NYSE: GPS), can be found at over 600 retail locations in the United States, United Kingdom, Canada, Japan, Italy, BananaRepublic.com, BananaRepublic.ca, BananaRepublic.eu, or (888) BR-STYLE. In addition, Banana Republic is expanding its international presence with franchise agreements in Asia, Europe and the Middle East.
About Gap Inc.
Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal year 2010 net sales were $14.7 billion. Gap Inc. products are available for purchase in over 90 countries worldwide through about 3,100 company-operated stores, about 200 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.