FAWAZ ABDULAZIZ AL HOKAIR & COMPANY RIYADH, SAUDI ARABIA - October 23, 2014 - Fawaz A. Alhokair & Co. today announced a new franchise partnership with Gap Inc. to bring Old Navy stores to the Middle East. Alhokair, the Middle East's largest franchise retailer, will be launching two stores in the Kingdom of Saudi Arabia in spring 2015.
The stores, which will open in the shopping districts of Riyadh and Dammam, will feature the same energizing store environment that Old Navy is known for in the United States and will offer men's, women's, kid's and baby apparel and accessories.
The Kingdom of Saudi Arabia launch of the Old Navy brand marks the latest in a long line of successful franchise agreements between Gap Inc. and Alhokair, whose relationship was first forged in 2007. Since then, Gap Inc. and Alhokair have brought 41 Gap and Banana Republic stores to seven countries across the Middle East, North Africa, Central Asia and Caucasus regions.
Simon Marshall, Chief Executive Officer of Alhokair, said: "We are delighted to be opening Old Navy in the Kingdom of Saudi Arabia, starting with stores in the shopping districts of Riyadh and Dammam, with several more planned in the coming months. Old Navy provides the perfect mix of affordability and casual style for the whole family, which is just as relevant to consumers in the Kingdom of Saudi Arabia as it is for the American market. It is a retail success story that we can't wait to develop and grow here, drawing on our own local market expertise."
Robert Frank, Executive Vice President of Old Navy International, commented: "Entering the Middle East is an important milestone in our strategy to share Old Navy with a broader, global customer base. Given the family-centered culture of the region, we believe Old Navy's iconic American apparel and focus on fashion, family and value will really resonate with customers."
Fawaz A. Alhokair & Co. is a leading player in specialty retail, operating over 2,100 standalone mono-brand stores under partnered brands, which includes Gap, Banana Republic, Zara and Bershka, Massimo Dutti, Gap, Mango, Topshop, The Children's Place, La Senza and Marks & Spencer, among others.
About Old Navy
Old Navy is a global apparel and accessories brand that makes current American fashion essentials accessible to every family. Originated in 1994, the brand is now one of the largest apparel retailers in North America. A division of San Francisco-based Gap Inc. (NYSE: GPS), Old Navy brings a fun, energizing shopping environment to its customers in more than 1,000 stores in the U.S., Canada, Japan, China and the Philippines. For more information, please visit www.oldnavy.com.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2012 net sales were $15.7 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 300 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
About Fawaz A. Alhokair & Co.
Fawaz A. Alhokair & Co. (SJSC) is a publicly traded retail conglomerate headquartered in Saudi Arabia. The company partners with over 65 international brands, operates in 17 countries and manages over 2,100 standalone mono-brand stores. The company's portfolio includes leading global brands, such as Zara, Bershka, Massimo Dutti, Pull & Bear, Stradivarius, Zara Home, Uterqüe, Gap Inc., Mango, Topshop, La Senza, The Children's Place, Marks & Spencer, Tesco F&F, and Grupo Cortefiel. Primary areas of operations include the domestic market of Saudi Arabia, other markets in the Middle East & North Africa, Central Asia and Caucasus regions and the United States. Fawaz A. Alhokair & Co. was registered as a partnership in 1990, incorporated as a joint stock company in 2006 and listed on the Saudi Stock Exchange in 2006. For more information, please visit Fawazalhokairfashion.com.
For more information please contact:
Dominic Shales, Lexis (for Alhokair)
dshales@lexisagency.com / Tel: +44 7976 248321
Brendan Dorrian
Head of Business Development, Fawaz A. Alhokair & Co
Brendan.dorrian@alhokair.com.sa
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