- Danielle Wightman-Stone
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Gap Inc. has announced that, following the completion of its split from
Old Navy, the new public company, currently referred to as NewCo, will
retain the Gap Inc. name.
The new Gap Inc. will include the remaining brands following the
separation from Old Navy, including Gap, Banana Republic, Athleta,
Intermix, Janie and Jack, and Hill City.
The u-turn on the name change came as the company wrapped 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. in a statement. “Over the past 50 years, the
credibility and reputation the company has built with the Gap Inc. name
transcends any individual brand.”
Peck added: “Our brands remain a cultural cornerstone with global
relevance. 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, with further details of the planned
separation expected later this month.
As previously announced, Sonia Syngal, who has led Old Navy since 2016,
will continue as the chief executive of Old Navy and Art Peck
will become chief executive of the new Gap Inc.
Image: courtesy of Gap
