After spin off, Gap to retain its name
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
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.