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Gap Inc. no longer pursuing separation of Old Navy

20
Jan '20
Pic: Gap Inc
Pic: Gap Inc
Gap Inc. does not intend to separate Old Navy into a standalone public company, it has announced. Though the plan to separate was aimed at value creation from iconic brands, its board of directors concluded the cost and complexity of splitting into two, combined with softer business performance, limited its ability to create appropriate value from separation.

Old Navy is an US clothing and accessories retailing company owned by Gap Inc. It has corporate operations in the Mission Bay neighbourhood of San Francisco, California.

“We are committed to sharpened strategic focus, tailored operating strategies and operational discipline and accountability that can strengthen the health and profitability of our brands,” said Robert Fisher, Gap Inc. interim president and chief executive officer (CEO), in a statement.

“We have learned a lot and intend to operate Gap Inc. in a more rigorous and transformational manner that empowers our growth brands, Old Navy and Athleta, and appropriately focuses on profitability for Banana Republic and Gap brand,” he said.

The company’s board of directors also intends to appoint a new CEO to oversee the full portfolio of brands and corporate strategy.

Fibre2Fashion News Desk (DS)


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