November 19, 2010
Milan – November 19, 2010 – Gap Inc. (NYSE: GPS) announced today the opening of its first Gap flagship store in Italy, one of the top five apparel markets in the world. Located on Corso Vittorio Emanuele in Milan’s premier shopping district, the contemporary flagship store will showcase Gap’s full apparel collections. The adjacent Banana Republic flagship store is planned to open in the near future.
“We are thrilled to take an important step in our global expansion and introduce both brands in Milan, a city that’s at the heart of fashion,” said Stephen Sunnucks, President, Gap Inc. Europe and Strategic Alliances. “I’m confident that Gap’s cool, modern American design and Banana Republic’s affordable luxury designs will be well received by our Italian customers.”
The brand also plans to open an additional Gap store in Rome, Italy in 2011. Online retail stores gap.eu and bananarepublic.eu launched last month, making both brands also immediately available to all customers throughout Italy and eight other European countries.
Opening tomorrow, November 20, 2010, Gap’s company-owned flagship represents one of the brand’s most dynamic and contemporary retail stores. Spanning three floors, and 3,369 square meters (25,500 square feet), the store will offer all Gap collections, including Gap, GapKids, babygap, GapBody, GapMaternity and the reinvented 1969 Premium denim, which delivers superior fit, finishes and detail at a truly accessible price point. To celebrate its debut in Italy, Gap has partnered with renowned Italian design house Valentino to create a seven-piece collection launching exclusively in the new flagship.
Banana Republic Milan:
Known for its affordable luxury and modern versatile style, the 1,625 square meter (17,500 square foot) space will house the brand’s women’s and men’s ready-to-wear and accessories collections, including The Heritage Collection and limited edition Monogram collection.
Gap Inc. is focused on executing its global growth strategy – which includes franchise, online and company-owned expansions - and continues to enter new markets around the world. Gap Inc. recently opened its first company-owned Gap stores and launched an online retail site in China – www.gap.cn. Gap Inc. is now able to sell products to customers in more than 80 countries, up from 25 at the start of the fiscal year.
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, without limitation, statements regarding; (i) Gap stores in Rome; and (ii) global growth strategy, including franchise, online and wholly-owned expansions.
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 the company will be unsuccessful in gauging fashion trends and changing consumer preferences; 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 and its dependence on consumer spending patterns, which are influenced by numerous other factors; the risk that the company will be unsuccessful in identifying and negotiating 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 adverse changes in the company’s credit ratings may have a negative impact on its financing costs, structure and access to capital in future periods; the risk that changes to the company’s IT systems may disrupt its operations; the risk that trade matters, events causing disruptions in product shipments from China and other foreign countries, or an inability to secure sufficient manufacturing capacity may disrupt the company’s supply chain or operations; 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 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 the company’s reputation or operations; and the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; any of which could impact net sales, expenses, and/or planned strategies. 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 30, 2010. Readers should also consult the company's quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2010.
These forward-looking statements are based on information as of November 19, 2010. 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 2009 sales were $14.2 billion. Gap Inc. operates about 3,100 stores in the United States, Canada, the United Kingdom, France, Ireland, Italy, Japan and China. In addition, Gap Inc. is expanding its global presence through franchise agreements in Asia, Australia, Europe, Latin America, and the Middle East. As of the end of the third quarter of fiscal year 2010, Gap Inc. brands are available online in over 80 countries. For more information, please visit www.gapinc.com.
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