Gap Headed to Brazil
The San Francisco-based apparel retail giant, Gap, reached a franchise agreement with Tudo Bom Comércio Ltda. to open stores in Brazil.
Gap's first stores are set to Fall 2013 in São Paulo, then in Rio de Janeiro. The stores will include merchandise from the collections of Gap, GapKids and babyGap. The number of stores in each market hasn't yet been determined.
Gap is a relative newcomer to Latin America, having entered South America with its first stores in Chile last year. Since then, it's opened its doors in Panama, Colombia, Mexico and, most recently, Uruguay. Up until now, Gap merchandise has only been available in duty-free shops in Brazil.
Since opening its first franchise stores in 2006, Gap's international portfolio has grown to 300 units in 40 markets throughout Asia, Europe, the Middle East and Australia as well as Latin America.
"Brazil is a critical next step in our global expansion strategy, and we are excited to introduce our store experience to customers," said Stefan Laban, managing director of strategic alliances at Gap. "Given that Brazil is the fifth-largest country in the world and the largest Latin American economy, we feel that this market provides us with an incredible growth opportunity."