Reliance Retail to bring American fashion brand Gap to India; inks franchise pact
Reliance Retail Ltd on Wednesday announced its long-term partnership with Gap and plans to bring the iconic American fashion brand to India.
"Through a long-term franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India," said a joint statement.
Reliance Retail will introduce Gap's offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions and digital commerce platforms.
"The partnership is aimed at leveraging Gap's position as a leading casual lifestyle brand and Reliance Retail's established competencies in operating robust omni-channel retail networks and scaling local manufacturing and driving sourcing efficiencies," it said.
Founded in San Francisco in 1969, Gap is considered as an authority on modern American style. It continues to build on its heritage grounded in denim and connect with customers online and in company-operated and franchise retail locations globally.
Reliance Retail CEO, Fashion & Lifestyle, Akhilesh Prasad said: "We believe that Reliance and Gap complement each other in their vision to bring industry-leading fashion products and retail experiences to their consumers."
Managing Director of International, Global Licensing and Wholesale at Gap Inc Adrienne Gernand said: "Partnering with regional experts, like Reliance Retail in India, allows us to deliver our relevant, purpose-driven brand to customers around the globe, while continuing to diversify our business portfolio through our partner-based model."
Reliance Retail is a subsidiary of Reliance Retail Ventures Ltd (RRVL), the holding company of all the retail companies under the Reliance Industries Ltd group.
RRVL reported a consolidated turnover of Rs 1,99,704 crore ($26.3 billion) for the year ended on March 31, 2022.
Gap Inc products are available for purchase worldwide through company-operated stores, franchise stores and e-commerce sites. Its net sales for the fiscal year 2021 was at $16.7 billion.