Gap Inc. not changing name following spin-off
One of the most iconic names in U.S. retailing is not going away.
Gap Inc. announced that, following the completion of its planned spin-off of Old Navy, the new public company (currently referred to as NewCo) will retain the Gap Inc. name. The new Gap Inc. portfolio will include the namesake brand, Banana Republic, Athleta, Intermix, Hill City and Janie and Jack.
Old Navy will continue to operate under its current name when it becomes a standalone, publicly traded company. As previously announced, Sonia Syngal — who has led Old Navy since 2016 — will continue as CEO of Old Navy and Art Peck will become CEO of the new Gap Inc.
The announcement comes as the company wraps-up a week-long celebration of the Gap brand’s 50th anniversary.
“Our brands remain a cultural cornerstone with global relevance,” said Gap Inc. president and CEO Art Peck. “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.”
The retailer announced plans to spin off the company into two entitles back in February. It said the move would 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.
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, receipt of a tax opinion from counsel and the filing and effectiveness of a registration statement with the U.S. Securities and Exchange Commission.
Gap Inc. announced that, following the completion of its planned spin-off of Old Navy, the new public company (currently referred to as NewCo) will retain the Gap Inc. name. The new Gap Inc. portfolio will include the namesake brand, Banana Republic, Athleta, Intermix, Hill City and Janie and Jack.
Old Navy will continue to operate under its current name when it becomes a standalone, publicly traded company. As previously announced, Sonia Syngal — who has led Old Navy since 2016 — will continue as CEO of Old Navy and Art Peck will become CEO of the new Gap Inc.
The announcement comes as the company wraps-up a week-long celebration of the Gap brand’s 50th anniversary.
“Our brands remain a cultural cornerstone with global relevance,” said Gap Inc. president and CEO Art Peck. “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.”
The retailer announced plans to spin off the company into two entitles back in February. It said the move would 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.
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, receipt of a tax opinion from counsel and the filing and effectiveness of a registration statement with the U.S. Securities and Exchange Commission.