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After spin off, Gap to retain its name

02
Sep '19
Pic: Gap Inc
Pic: Gap Inc
After the planned spin-off of Old Navy from Gap Inc, the new public company, currently referred to as NewCo, will retain the Gap Inc name. The new Gap Inc will be a portfolio of brands, including Gap brand, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City. Gap Inc is a retailer of clothing, accessories, and personal care products.

The announcement comes as the company wraps-up a week-long celebration of its iconic Gap brand’s 50th anniversary.

“As we celebrate this milestone anniversary, we have reflected on the remarkable history of this amazing company and the power and global influence of the Gap name,” said Art Peck, president and chief executive officer of Gap Inc “Over the past 50 years the credibility and reputation the company has built with the Gap Inc name transcends any individual brand.”

“Our brands remain a cultural cornerstone with global relevance,” Peck continued. “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. Sonia Syngal, who has led Old Navy since 2016, will continue as the CEO of Old Navy and Art Peck will become CEO of the new Gap Inc.

Gap Inc will host an investor event on September 12, 2019 in New York where Peck and Syngal will provide an update on the planned separation. The transaction remains subject to certain conditions, including final approval by Gap Inc’s board of directors, receipt of a tax opinion from counsel and the filing and effectiveness of a registration statement with the US Securities and Exchange Commission. (SV)

Fibre2Fashion News Desk – India


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