signed a deal giving F J Benjamin Holdings the exclusive rights to set up Gap and Banana Republic stores in Indonesia.
F J Benjamin, through its Indonesian affiliate, plans to open about 20 retail locations in Indonesia by 2010. F J Benjamin signed its first franchise agreement with Gap in January and currently holds exclusive franchise rights to operate Gap and Banana Republic stores in Malaysia and Singapore.
"Indonesia offers a growing market for international apparel brands. There is a significant amount of important retail center development in the market and a growing presence of international lifestyle brands, such as Gap and Banana Republic," said Art Peck, Gap's executive vice president of corporate strategy and business development.
Shares of Gap were up 1.3% to $19.18.