Retailer Arvind Ltd said it hopes to generate sales of Rs.1,000 crore from its franchise agreement with US retailer Gap Inc. Arvind also bagged rights to sell Gap online, a deal that was earlier expected to go to online fashion retailer Myntra. Arvind, which sells owned brands such as Flying Machine and Excalibur as well as licensed brands such as Arrow and Tommy Hilfiger, will invest more than Rs.400 crore over the next five years to open 40 Gap stores in India. The first few stores will be launched in Mumbai and Delhi in May 2015, said J. Suresh, managing director of Arvind Lifestyle Brands, Arvind’s retail unit.
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