FBN’s Ashley Webster on Gap’s plans to spin off its Old Navy brand into a separate company.
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The new public company, currently being called NewCo, will have thee Gap Inc. name.
The new Gap Inc. will contain a portfolio of brands, including Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City.
The company made the announcement as it wraps-up a week-long celebration of the Gap brand’s 50th anniversary.
“Our brands remain a cultural cornerstone with global relevance,” said Art Peck, President and Chief Executive Officer of Gap Inc. “I am optimistic and excited about the future of the new Gap Inc. Our focus will be on delivering quality revenue growth, and accelerating profitability and cash flow, while positively impacting our employees, our shareholders, the communities in which we do business, and our planet.”
Old Navy will continue to operate under its current name when it becomes a standalone, publicly traded company.
As previously announced, Sonia Syngal will continue as the CEO of Old Navy and Art Peck will become CEO of the new Gap Inc.