Gap Inc. Prepares to Open its First Store in Hong Kong
Company furthers expansion footprint in Greater China
Hong Kong – October 31, 2011 – Gap Inc. (NYSE: GPS) today announced plans to open its first Gap flagship store in Hong Kong in time for the holiday shopping season. The store will be located in Central, one of the most vibrant and premier shopping destinations in Hong Kong.
Hello Hong Kong
“The opening of the first Gap flagship store in Hong Kong Central demonstrates our commitment to the China market and a continuation of our strategy to grow in Asia. We look forward to delivering affordable, high-quality, relevant fashion for customers in Hong Kong, who have been eagerly awaiting our arrival for quite some time.” said Redmond Yeung, President of Gap Greater China.
Situated in the LHT Tower on Queen’s Road Central, the flagship store will feature the full range of Gap adult, GapKids, babyGap and GapBody products. With 15,000 square feet (1,389 square meters) over four floors, the space will have a modern look and feel that evokes the brand’s essence and shows the product in the most visually compelling way.
Currently, Gap has eight stores in the Greater China region, including four in Shanghai and another four in Beijing, as well as an online retail store www.gap.cn which has been available to Hong Kong consumers for the past year. The first Hong Kong Gap store marks the continuation of a long-term, multi-channel consumer market entry strategy for Gap Inc. that will eventually result in more stores throughout the region. The company plans to nearly triple the number of Gap stores in greater China from roughly 15 at the end of 2011 to about 45 by the end of 2012
Let’s GAP Together
As an iconic, inventive and American brand, Gap stands out within the retail industry with its heritage in groundbreaking ad campaigns. Carrying on the success of the “Let’s GAP Together,” Gap brings the campaign back for the opening of the first Hong Kong flagship.
Shot by legendary American fashion photographer Annie Leibovitz, the award-winning campaign features western and eastern individuals who epitomize the freedom and optimism felt through embracing one’s passion and expression of individuality. Each pairing creates a unique story that’s bigger than two individuals. These personalities are paired to signify unity, as creativity and individuality have no boundaries.
Grace Wong, Head of Marketing, Gap China said, “Gap has always been a supporter of self- expression and embracing your individual style. ‘Let’s GAP Together’ is meant to celebrate our shared spirit of creativity and encourage a genuine cross fertilization of ideas across cultures. By bringing these people together, and celebrating them for their passions, Gap becomes the fashion brand that stands for the sense of freedom and liberation you experience when doing something you love.”
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:
- growing in Asia
- future stores in Greater China
- growing business in the region significantly.
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 financial performance or 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 will be unsuccessful in identifying, negotiating, and securing new store locations and renewing or modifying leases for existing store locations effectively;
- the risk that the company will be unsuccessful in implementing its strategic, operating and people initiatives;
- 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 changes in the regulatory or administrative landscape could adversely affect the company’s financial condition, strategies, and results of operations; and
- the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits.
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 and the company’s subsequent quarterly reports on Form 10-Q.
These forward-looking statements are based on information as of October 31, 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 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.