Gap to forge ahead in China
Gap is planning to open almost one new store a week in Hong Kong and mainland China over the next six months.
Last weekend Gap opened its third store in Hong Kong at the new shopping mall in Causeway Bay Hysan Place.
Gap's president for Greater China Redmond Yeung told the South China Morning Post that he is planning to open 20 more shops across Hong Kong and mainland China, bringing the total number of shops in the region to 45.
Sales in Asia came to a total of US$966 million during the fiscal year of 2011, representing 8% of the Gap's group revenue.
In the U.S., the American apparel group announced in October that it would close 21%, or 189, of its stores in the country, which are suffering from dropping sales.
Yeung said at the Hong Kong flagship store opening late last year that Hong Kong consumers have a strong appetite for Gap's fashion based on the demand level the company has seen from its e-commerce sales.
Stephen Sunnucks, president of Gap Inc. International, added: "For over 40 years, Gap has provided American style, celebrated creativity and made a positive difference in the communities where we conduct business.
"We see these same values resonating as strongly with consumers and employees in China as they do in our established markets."