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Gap Inc. announced on Tuesday it will partner with Fiba Holdings A.S. to introduce its Gap and Banana Republic brands to customers in Russia, according to a statement.
"We're very selective in choosing our franchising partners. It made perfect sense to expand our work with a strong existing partner to take our brands to the vibrant shopping areas in Russia." said Ron Young, senior vicepresident of international strategic alliances for Gap Inc.
Fiba Holding A.S. already operates franchise stores for the Gap and Banana Republic brands in Turkey. The stores are going to be opened in Russia in a period of five years.
According to the report, the first Gap stores will open for 2008 Holiday season while the first Banana Republic stores are expected to open for the 2009 holiday season.
Shares of Gap Inc. rose 0.16 percent to $18.68 at the closing trading in the New York stock Exchange on Tuesday.
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