Shares of textiles firm Arvind today rose by over 1 per cent after following news that American clothing retailer Gap will enter India next year in partnership with textile company Arvind Lifestyle Brand and open 40 outlets across the country.
Stock of Arvind Limited ended the day 1.25 per cent higher at Rs 255.90 on the BSE. During the day, it gained 3.38 per cent to Rs 261.30 -- its 52-week high.
At the NSE, the scrip was up 0.73 per cent to close at Rs 254.75.
Gap will enter India next year in partnership with textile company Arvind Lifestyle Brand and open 40 outlets across the country as part of its global expansion strategy.
The brand plans to open about 40 franchise-operated Gap stores in India, the company said in a statement.
The first two Gap outlets are expected to open in Mumbai and Delhi by next year, starting with Gap's Summer 2015 collection for adults, kids and babies.
Describing India as an "important next step" in its global expansion strategy, the San Francisco-based company will enter the emerging Asian economy through franchise- operated Gap brand stores in partnership with Arvind Lifestyle Brand, a subsidiary of Arvind Limited.
Besides, Arvind is eyeing Rs 500 crore turnover from the franchise of US-based speciality apparel retailer 'The Children's Place' in five years.
