Thursday, February 28, 2019

Gap to spin off Old Navy into separate public company

Retail Dive
Gap on Thursday announced it will create two independent publicly traded companies: Old Navy and a yet-to-be-named company (dubbed NewCo for now), which will include the Gap brand, Athleta, Banana Republic, Intermix and Hill City.

Following a comprehensive review, executives determined that Old Navy's business model and customers have "increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward," Robert Fisher, Gap Inc. board chairman, said in a statement.. . . more