International Gap
San Francisco–based retailer Gap Inc. struck a pair of franchise agreements that will bring Gap and Banana Republic stores to Saudi Arabia and Turkey over the next five years. The retail giant teamed with Fawaz Alhokair in Saudi Arabia and Fiba Holdings A.S. in Turkey, with plans to open about 90 Gap stores and 20 Banana Republic stores in the two regions. As licensing partners, each company will hold the exclusive rights to operate Gap and Banana Republic stores in their respective countries, and each will purchase merchandise from Gap Inc. or its designated suppliers. Both businesses are expected to adhere to Gap’s quality standards. Gap operates its own Gap stores in six countries and its own Banana Republic stores in three countries. The company previously announced franchise agreements for Gap and Banana Republic stores in Bahrain, Indonesia, Kuwait, Malaysia, Oman, Qatar, Singapore, South Korea and the United Arab Emirates.
