Gap to be 1st US retailer to enter Myanmar marketBy AP News Jun 08, 2014 12:36PM UTC
YANGON, Burma (AP) — Gap Inc. has announced plans to produce clothing in Burma, the first American retailer to enter the market since the country began its transition to democracy three years ago.
Two factories in the commercial capital, Yangon, are reportedly producing garments for the company’s Old Navy and Banana Republic brands.
A statement released by the U.S. Embassy on Saturday said the clothing would be ready for sale in the U.S. by this summer.
While Asian nations have long had a strong presence in Burma, it’s only in the last few years that companies from the U.S. and Europe have started returning, thanks to the easing of sanctions imposed on the country during its half-century of military rule.
The retail market is especially attractive because of Burma’s abundant and cheap labor force.