American clothing giant Gap Inc has renewed its plan to foray into Indian market. The company is evaluating the Indian market and is likely to retail through a premium strategy in India, slightly above the brands’ positioning in the US.
Gap Inc’s senior vice-president of international strategic alliances, Ron Young, was recently in the country on a fact-finding trip, suggesting that the company is making preliminary moves to set up shop in India.
Gap Inc’s team has sounded out prominent Indian apparel makers including Reliance Brands, Aditya Birla Nuvo-owned Madura Garments and the Future Group. No agreement has been sealed yet.
The company had also conducted a recce of potential retail real estate across Mumbai, Delhi, Bangalore and Hyderabad.
The $14.2-billion speciality retailer Gap Inc is present in around 3,100 stores across the globe and has mopped up $1.6 billion in revenues from international markets in 2009.
Its portfolio stretches from ‘accessible luxury’ brand ‘Banana Republic’, acquired in 1983, to the more value priced Old Navy. It also owns online accessory store ‘Piperlim.’