Riding the momentum of global expansion, iconic U.S. apparel brand opens in Taiwan
TAIPEI –March 6, 2014 – Gap, the iconic American apparel brand, will officially open its first Taiwan flagship store on March 8 as part of its ongoing strategy to expand Gap’s global footprint. With plans to open about 30 Gap stores across its Greater China region, including three in Taiwan, the brand expects to have more than 100 stores by the end of fiscal 2014.
“Our Taiwan entry builds on the strong performance Gap has had in other international markets, showing how the brand resonates with customers around the world,” said Jeff Kirwan, President, Greater China, Gap Inc. (NYSE:GPS). “We see Taiwan as an important milestone in our regional expansion and a market with ample opportunity for growth.”
The 1,500 square-meter, three-story Taipei flagship store is located in the landmark fashion and entertainment mall ATT4FUN. The new store offers Gap’s iconic, optimistic American style clothing and accessories for adults, kids and baby in an engaging, easy-to-shop environment.
“Gap has offered cool, modern American aesthetic clothing since 1969 and from the beginning, this brand has been about giving customers the freedom to express their individuality,” said Kirwan. “Taiwan is a dynamic market with sophisticated consumers and we’re confident that Gap’s quality and versatile style will be well received here.”
The first product sold in Gap stores was denim – the basis of casual American style and part of American culture – and it remains the foundation of the business today. Gap’s 2014 collection will celebrate its 45-year heritage with new denim bottoms in an array of indigo washes, crisp oxford tops, knit shirts and cozy layering pieces.
Gap Inc., the parent company of Gap, recently released its fourth quarter and fiscal 2013 full-year results, reporting comparable sales up 2 percent and 2013 net sales of $16.1 billion. This was the company’s second consecutive year of double-digit earnings per share growth.
About Gap Gap is a global apparel and accessories brand focused on delivering casual, American style. The brand offers classic, iconic clothing that helps customers express their individuality through its Gap, GapKids, babyGap, GapMaternity and GapBody collections. With an optimistic point of view and belief that everyone can make their creative mark in the world, Gap embodies what it means to be bright. Founded in San Francisco in 1969 by Don and Doris Fisher, the brand has grown from one store to over 1,600 company-operated and franchise retail locations around the world. Gap brand has had stores and an online presence in mainland China since 2010 and in Hong Kong since 2011. To learn more, visit www.gap.tw, www.gap.hk or www.gap.com
About Gap Inc. Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 350 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
Forward Looking Statements 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:
Gap store openings across the Greater China region, including Taiwan, in fiscal 2014; and
the number of Gap stores across the Greater China region by the end of fiscal 2014.
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 will be unsuccessful in gauging apparel trends and changing consumer preferences;
the risk that the company 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 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 February 2, 2013, as well as the company’s subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of March 6, 2014. 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.