Gap to launch 1st Old Navy store on China in 2014

Gap Inc plans to bring its sub-brand Old Navy to China by opening its first store in Shanghai in the first half of 2014, and an e-commerce website will be launched for promotion of the store, the US apparel brand said in its second-quarter earnings report on Thursday.

The first Old Navy store will be located in one of Shanghai's busiest shopping and entertainment areas, according to Gap.

"China continues to be an important component of our overall expansion strategy and we are confident Old Navy will resonate very well with Chinese consumers," said Glenn Murphy, chairman and CEO of Gap Inc, adding that it is a logical step in the company's global growth strategy.

The company also plans to open its first store in Taiwan in the first half of 2014, which will be located in Taipei, together with a similar e-commerce site for the local market.