GAP INC. EXPANDS RELATIONSHIP WITH F J BENJAMIN TO BRING GAP AND BANANA REPUBLIC TO INDONESIA
Yahoo! - October 2, 2006SAN FRANCISCO, Oct. 2 /PRNewswire-FirstCall/ -- Gap Inc. (NYSE: GPS - News) today announced that it has expanded its relationship with F J Benjamin Holdings Ltd to include Indonesia. Under the terms of the agreement, F J Benjamin Holdings will have the exclusive rights to bring Gap and Banana Republic-branded apparel and accessories to Indonesian markets. F J Benjamin, through its Indonesian affiliate, intends to open about 20 retail locations in Indonesia by 2010.
"Indonesia offers a growing market for international apparel brands. There is a significant amount of important retail center development in the market and a growing presence of international lifestyle brands, such as Gap and Banana Republic," said Art Peck, Gap Inc. executive vice president, corporate strategy and business development. "We know that customers in Indonesia have an affinity for Gap and Banana Republic, and we are looking forward to working with F J Benjamin in another important retail market for Southeast Asia."
"We are pleased to be able to expand our relationship with Gap Inc. and to take its labels to new territories in the region," said Nash Benjamin, CEO of F J Benjamin Holdings Ltd. "Indonesia is already a major market for F J Benjamin and will continue to develop in the coming years. The market is vast and favorably disposed to the comfortable and casual style of Gap and the high quality, accessible luxury of Banana Republic."
F J Benjamin signed its first franchise agreement with Gap Inc. in January 2006 and currently holds exclusive franchise rights to operate Gap and Banana Republic-branded stores in Malaysia and Singapore. Through one of its subsidiaries, F J Benjamin is opening three Gap brand stores in Singapore and five Gap brand stores in Malaysia between October and December. Banana Republic stores are expected to open in Singapore and Malaysia in 2007.
Gap Inc. announced its first franchise agreement in January 2006. The company has franchise arrangements for Gap and Banana Republic stores in Singapore, Malaysia, the United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman. With today's Indonesia announcement, the company expects to have about 90 retail locations in these areas by 2010.
About Gap Inc.
Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy and Forth & Towne brand names. Fiscal 2005 sales were $16.0 billion. Gap Inc. operates about 3,000 stores in the United States, the United Kingdom, Ireland, Canada, France and Japan. For more information, please visit gapinc.com.
About F J Benjamin Holdings Ltd (fjbenjamin.com) -- SGX-listed fashion retailer F J Benjamin Holdings Ltd is an industry leader in brand building and in developing retail and distribution networks for international luxury and lifestyle brands across the Asia Pacific. Its portfolio includes Banana Republic, Gap, Guess?, Inez, Lalique, La Senza, Manchester United, Paint 8,
Raoul, Sheridan and timepiece brands such as Bell & Ross, Girard-Perregaux, Jean Richard, Marc Ecko, Nautica, Nike Timing and Victorinox Swiss Army.
Source: Yahoo! - biz.yahoo.com