The Gap Inc. chief executive officer wants to compete on a global level with Inditex, H&M and Fast Retailing, three of the largest vertical apparel operators in the world.
“How do we win against our global competitors?” Murphy asked at Tuesday’s Goldman Sachs 20th Annual Global Retail conference. His answer: delve deeper into international expansion and Internet growth. “We can add approximately 1,000 new stores to the business and [an additional] $1 billion in online sales over the next three years,” Murphy said. “That’s the kind of shift that’s going on at Gap Inc.”
Much of the company’s growth centers on China, where 300 stores will eventually open. The Gap brand will finish this year with 80 stores. “We’re very convinced that China is going to become an outlet market,” Murphy said. More than 100 outlet stores will bow in China in four to five years.
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)