Gap in talks with Myntra for a potential tie-up

The business transition is a work in progress, the people cited above said, seeking anonymity.

US apparel retailer Gap Inc. is in talks with Flipkart-owned fashion e-tailer Myntra as it explores potential partnerships in India after ending a franchise pact with Arvind Lifestyle Brands Ltd (ALB) last year, said three people familiar with the development.

The company did not divulge details of potential suitors, but the people cited above said Myntra is a strong contender, but added that another suitor, a large apparel retailer, could also be eyeing the franchise. (Reuters File Photo)

The business transition is a work in progress, the people cited above said, seeking anonymity. Myntra declined to comment. ALB had in September appointed an investment bank to find a buyer for the Gap business, saying: “Due to circumstances post the pandemic, both companies agreed that a mutual termination was in both companies’ best interest.”

“Gap Inc. is evaluating potential partnerships to continue serving customers in India. Franchise partnerships are an important and cost-effective way to grow our Gap business. Through company operated stores, e-commerce sites and franchise partners, Gap brand reaches customers in about 40 countries,” a company spokesperson said in response to queries from Mint.

The company did not divulge details of potential suitors, but the people cited above said Myntra is a strong contender, but added that another suitor, a large apparel retailer, could also be eyeing the franchise.