American retailer Gap to sell Janie and Jack to Go Global Retail

Go Global Retail intends to acquire the entire Janie and Jack business, including the e-commerce platform, all store leases, and assets. Terms of the agreement were not disclosed.

Aligned to its Power Plan 2023, Gap is focused on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and the power of its platform.

“As part of Gap Inc.’s Power Plan 2023, and exemplified by this transaction, we are prioritising strategic focus and resources behind the growth and potential of our billion-dollar brands in Old Navy, Gap, Banana Republic and Athleta,” said Sally Gilligan, head of Strategy at Gap Inc.

BofA Securities acted as exclusive financial advisor to Gap on the transaction.

Fibre2Fashion News Desk (RKS)