MOSCOW — Gap Inc. announced that it has opened its first Banana Republic store in Russia through its franchise channel. The company also announced that it will open its first Gap store in Serbia on Friday. This store will represent the company’s 200th franchise store globally.
“We are very proud to not only be introducing Banana Republic to Russia, but also opening our 200th franchise store,” said Stephen Sunnucks, president international for Gap Inc. “This is a significant landmark for our goal of growing our franchise store base to 400 by 2014.”
The first Banana Republic store in Russia is located in Moscow’s AfiMall City, the largest shopping and entertainment complex in the city. Gap Inc. The new store will be managed under Gap’s existing franchise agreement with Fiba Holding, which also manages the brand’s franchise locations in Turkey and the Ukraine.
The first Gap store in Serbia is located in the capital city of Belgrade on Knez Mihailova Street. Serbia is the sixth country to be managed under Gap Inc.’s franchise agreement with The Marinopoulos Group, one of Greece’s leading retail, commercial and industrial firms. The group also manages the company’s franchise locations for Gap brand in Greece, Bulgaria, Croatia, Cyprus and Romania.