Banana Republic, the American clothing and accessories retailer owned by Gap Inc., will soon open its store in India. It will be their first store in the country and the brand has entered into a tie up with Arvind Retail for this venture.
As early as February next year, Banana Republic will throw an open challenge to brands like Tommy Hilfiger, Calvin Klein. They will be offering products in range of Rs 4,000 – Rs 12,000. Their target audience – the younger generation.
Arvind Retail, earlier known as Arvind Mills, is based in Ahmedabad and has its units in Santej near Kalol. It is India’s largest denim manufacturer, has more than 30 brands and around 800 stores all over the country. GAP Inc. has brands like GAP, Banana Republic, Old Navy in its list.
Over the last few years, India has become a key market that international retail giants are looking to penetrate. The last few years have seen the entry of Spanish brands Zara and H&M. Inditex Group’s Zara has earned around $100 million revenue till date and H&M on its launch day itself hit sales worth Rs 1.75 crore.
Inditex Group’s other brand, Massimo Dutti, is also slated to open a store in India this year.
Banana Republic sees a huge scope in India for American casual wear.