Old Navy And The Gap Are Separating
Gap Inc. plans to split into two separate publicly traded companies — Old Navy and a new, yet-to-be-named company comprised of the Gap brand, Athleta, Banana Republic, Intermix, and Hill City, the company“Following a comprehensive review by the Gap Inc.
The new company will be led by Gap Inc.’s current president and CEO, Art Peck. Meanwhile, Sonia Syngal, the current president and CEO of Old Navy, will lead the brand as a stand-alone company. Gap Inc. said the spinoff"will enable each company to maximize focus and flexibility, align investments and incentives to meet its unique business needs, and optimize its cost structure to deliver profitable growth."it plans to shutter 230 of its namesake brand's stores over the next two years as it restructures its business. The brand has slowly lost relevance as consumers lean toward lower-priced apparel available at retail stores like Old Navy and TJ Maxx.
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