NEW YORK (AP) — Gap Inc. says it plans to more than triple sales in China in three years as it seeks to grab a bigger bite of the overall $1.4 trillion global clothing market.
The San Francisco-based clothing chain, which operates stores under the Gap, Old Navy, Banana Republic and Athleta brands, generated $300 million in sales in China in the latest fiscal year ended Feb. 1. It says China will be its biggest growth initiative.
The company unveiled its first Old Navy store in the country earlier this year. It had 81 Gap stores by year-end. It plans to open about 30 additional Gap stores in China in the current fiscal year.
The company made the announcement ahead of its annual investor meeting in San Francisco.