Gap To Open 40 Stores In India

Buoyed by strong sales of its Old Navy clothes, Apparel firm Gap Inc has raised its profit forecast and said it would open 40 stores in India.
Gap has been trying to minimise its dependence on the North American market, which generates more than 75% of its sales.

Its sales in Asia accounted for only 9% of its total revenue of $16.1 billion in the year ended February 2014.

"India is an emerging, vibrant market and an important next step in our global expansion strategy," said Steve Sunnucks, global president of Gap.

Gap said it is collabrating with Arvind Lifestyle Brand for setting up the stores in India. The first stores will open in Mumbai and Delhi.
The company is also looking to set up 110 Gap stores in China, Hong Kong and Taiwan this year.
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