Gap has signed a franchise agreement to expand into Russia with both its Gap and Banana Republic brands.

The partnership, with Fiba Holding, brings Gap into its 17th country through franchise agreements. Fiba also operates stores for both Gap and Banana Republic in Turkey.

Gap stores will open in Russia this year, with Banana Republic shops set to open there next year.

This year, the US giant has entered several new markets – including Greece and the Philippines – while its first Banana Republic store opened in the UK in March, on London’s Regent Street.

Gap’s sales tumbled 12 per cent to US$1.37 billion (£696.1 million) for the five weeks to April 5.

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