American fashion label Banana Republic will open its first store in India by early next year to catch up with the latest wave of expansion by global retailers in the one of the world's fastest growing market. The brand, owned by GAP, will partner with Arvind Retail for its India entry and is already scouting for locations to open doors by February next year, two officials aware of the development told Economic Times.
Arvind Retail managing director J Suresh said, "We already have a strong partnership with GAP and now we are exploring other brands from its portfolio."
GAP Inc has six brands such as GAP, Banana Republic, Old Navy and more under its wing. Experts have said that Banana Republic will have a wide appeal since there is a dearth of 'bridge¬to-luxury' brands in the country. Moreover, the rising population of fashion¬forward Indian youth with high spending power will create a lucrative market for this label.
Ahmedabad¬based, Arvind Retail runs more than 800 stores in India across a portfolio of more than 30 brands including US Polo and Arrow. The company has opened nearly eight GAP stores in less than a year of its partnership with the world's third largest apparel brand. GAP sold apparel and accessories worth Rs 80 per square foot daily on an average surpassing every other retailer in the country in terms of sales per square foot, said industry sources.