TMCnet News
Gap opens online store on China's Taobao site(Associated Press Via Acquire Media NewsEdge) NEW YORK -- Gap Inc. has opened an online store on China's biggest retail website, the clothing company said Wednesday. Gap's Taobao Mall store, gap.tmall.com, will offer items from Gap, GapKids and baby gap. "Given China is the cornerstone of Gap's global growth strategy, we believe that partnering with Taobao, with its phenomenal reach all throughout the country, is an important next step as we build on the success we've seen so far with our store openings and e-commerce offering," Redmond Yeung, president of Gap China, said in a statement. Gap has four company-owned Gap stores in Shanghai and Beijing and a website at www.gap.cn. Last month the San Francisco retailer reported that its fourth-quarter net income climbed, helped by rising sales abroad, online and at its higher-price Banana Republic and lower-price Old Navy chains. The company said it plans to open about 75 new franchise stores and 50 company-owned stores abroad, including 10 to 15 in China, eight to 10 in Italy and 25 outlet stores. Taobao, which began in 2003, currently has more than 800 million product listings at any given time and serves more than 370 million registered users. Taobao Mall is a business-to-consumer platform that launched in 2008. It has more than 30,000 local and global brands and is wholly owned by Alibaba Group. Gap's stock rose 39 cents to $22.67 in midday trading. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |