San Francisco -- Gap Inc. announced Monday that it will introduce the Gap brand to Paraguay and Hungary through new agreements with existing franchise partners: Neutral for Paraguay and Gottex Brands for Hungary. The first Gap store will open later this year in Paraguay, joining Neutral’s 2012 Gap launch in Uruguay. And, in Hungary, Gottex Brands will open two Gap stores in Budapest. A specific timeline wasn’t released.
Additionally, Gap announced plans to open the first stand-alone Banana Republic stores in Mexico later this year. It will open via an existing agreement with retail partner Distribuidora Liverpool, S.A. DE C.V., and will expand the Banana Republic brand beyond its current store-in-store positioning at Liverpool Department stores in the country.
By the end of 2013, Gap Inc. said it expects to have a presence in eight Latin American countries, including Chile, Panama, Colombia, Mexico, Uruguay, Paraguay, Peru and Brazil with expectations to add a brand presence in Costa Rica in the near future.