26-October-2021
Corporate News
 
Reliance Retail close to signing up as Gap Franchisee in India
13-Oct-2021

Reliance Retail is closing in as the new India franchisee of US fashion brand Gap Inc., two people familiar with the development, said. Reliance has been in talks with Gap for months and had lately emerged the front-runner to clinch the deal ahead of Myntra that was also in talks with the American fashion apparel brand. One of the persons quoted earlier said Reliance Retail has been able to extract huge concession of manufacturing 100% of all Gap products to be sold in India - up from about 70% that previous franchisee Arvind Fashions was allowed to source locally. A spokesperson for Gap in the US said the company cannot comment on "rumours or speculation." Reliance Retail did not respond to an email seeking comment. Gap has been scouting for an India partner for about a year after it snapped its ties with Arvind Fashions last year.

News Source:- https://economictimes.indiatimes.com/industry/services/retail/reliance-retail-close-to-signing-up-as-gap-franchisee-in-india/articleshow/86981912.cms