Gap to Increase Presence in China Three-Fold

Reuters reports that apparel brand Gap Inc. GPS aims to significantly increase its presence in China over the next year. In a Friday (Hong Kong time) statement, GPS said it will seek to triple the number of its stores in China, as it becomes on the other latest foreign brands to target the country's explosive growth in consumer spending. Reuters quotes Gap's president of China operations, Redmond Yeung, saying that the company aims to operate 15 stores in the country by the end of the fiscal year, and to take that number to 45 by the end of fiscal 2012. "The China market so far has far exceeded our expectations," Yeung told Reuters at a store opening in Hong Kong. "We are very happy with the results we have achieved in China. That is the reason for this store growth target and why investment in this area is increasing," he said, as Gap expects China's retail business to double in the coming five years. Reuter says China's fashion market is expected to triple to more than $200 billion in the next ten years, on July data from Boston Consulting Group. Gap closed at $17.80 per share on Wednesday.