GAP IN TALKS WITH MYNTRA FOR A POTENTIAL TIE-UP

NEW DELHI: 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 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.

DOHA: Bayern Munich won the Club World

Cup final in Qatar on Thursday as Benjamin Pavard’s second-half winner sealed a 1-0 victory over Mexico’s Tigres, the Germans claiming a “six pack” of titles within 12 months. Pavard’s close-range tap-in was enough to give European champions Bayern their sixth title in quick succession. This is the eighth year in a row that the Champions League winners have gone on to win the Club World Cup, as Bayern follow in the footsteps of last year’s champions Liverpool.