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Gap Inc.’s Old Navy Expands Internationally
Old Navy to open in Japan; brings fun, fashion and value to customers
San Francisco—July 11— Doors open tomorrow at Gap Inc.’s first Old Navy store outside of North America. Old Navy Tokyo opens at 10 a.m. on July 12.
Old Navy debuts in one of the city’s newest shopping destinations, the DiverCity Tokyo Plaza complex in Odaiba, a popular tourist hub.
“We are pleased Gap Inc.’s largest brand – Old Navy – now has a store in Japan, one of our most important markets,” said Stephen Sunnucks, president, International, Gap Inc. “Since 1995, we’ve grown to more than 150 Gap and Banana Republic stores in Japan, and we’re excited to build on our global growth momentum with the introduction of Old Navy to this market.”
This Old Navy store in Japan features the same fun, energizing shopping environment the brand is known for in North America. The store offers its signature men’s, women’s, children’s and babies’ clothing and accessories, selected to appeal to customers in Japan.
“With the marketing mantra of ‘Come Fun, Come All,’ Old Navy delivers everyday American fashion with broad appeal,” said Sunnucks. “We see strong growth opportunity for Old Navy internationally.”
This store opening comes on the heels of the announcement of Stefan Larsson as Global Brand President for Old Navy. Larsson will join the company in October.
Since 2007, Gap Inc. has been taking its brands to new markets through its franchise, online and company-operated store channels, with the goal of growing the share of its revenue from online and international businesses to 30 percent by the end of 2013.
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:
- Building on global growth momentum;
- Strong growth opportunity for Old Navy internationally; and
- Future share of revenue from online and international businesses.
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 could adversely impact the company’s results of operations;
- the highly competitive nature of the company’s business internationally;
- the risk that the company or its franchisees will be unsuccessful in gauging apparel trends and changing consumer preferences;
- the risk to the company’s business associated with global sourcing and manufacturing, including sourcing costs, events causing disruptions in product shipment, or an inability to secure sufficient manufacturing capacity;
- the risk that the company’s efforts to expand internationally may not be successful;
- the risk that the company’s franchisees will be unable to successfully open, operate, and grow their franchised stores in a manner consistent with the company’s requirements regarding its brand identities and customer experience standards;
- the risk that the company or its franchisees will be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying or terminating leases for existing store locations effectively;
- the risk that changes in the company’s credit profile or deterioration in market conditions may limit its access to the capital markets and adversely impact its financial results and its ability to service its debt while maintaining other initiatives;
- the risk that trade matters could increase the cost or reduce the supply of apparel available to the company and adversely affect its business, financial condition, and results of operations;
- the risk that updates or changes to the company’s information technology (“IT”) systems may disrupt its operations;
- the risk that natural disasters, public health crises, political crises, or other catastrophic events could adversely affect the company’s operations and financial results;
- 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 28, 2012, as well as the company’s subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of July 12, 2012. 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 2011 net sales were $14.5 billion. Gap Inc. products are available for purchase in about 90 countries worldwide through about 3,000 company-operated stores, about 200 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
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