Santiago

Swedish retailer Hennes & Mauritz AB, popularly known as H&M , has announced that it will expand in Chile, and that the first flagship store will open in 2013 in Santiago.  This will mark the brand’s debut in South American continent. A company...

Gap plans to expand in Latin America after its first namesake store in the region topped sales expectations. The Gap store in Santiago, Chile, which opened in October, was among the leading franchise performers out of 200 stores worldwide, said Stefan Laban, managing director of strategic alliances for Gap.

Gap is growing its footprint in Latin America through franchising. The company will open its first stores in South America in Chile this month through a partnership with locally based merchant Komax. Gap will also introduce Gap and Banana Republic stores to Panama and Colombia in 2012.

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SAN FRANCISCO -- Gap Inc. has signed an agreement with Komax for exclusive rights to operate Gap brand stores in Chile, the clothing retailer said Wednesday. The first Gap store in South America is scheduled to open in Santiago, Chile in September 2011. "The franchise business is a key part of Gap Inc.'s global business strategy," said Gap in a statement. By fiscal 2013, it expects international and online sales to account for more than a quarter of its net sales. Copyright © 2010 MarketWatch, Inc.