Gap Inc. former CEO Art Peck launches IPO for SPAC

Marianne Wilson
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Art Peck
Art Peck

Art Peck, the former CEO of Gap Inc., is once again making headlines.

Peck launched an IPO to raise $200 million for Good Commerce Acquisition Company, a SPAC that will focus on apparel and other brands “with relevance and business models for tomorrow,” reported SeekingAlpha. (A SPAC, which is short for special purpose acquisition company, is created specifically to pool funds in order to finance a merger or acquisition opportunity within a set timeframe, according to Good Commerce will trade on Nasdaq.

“Our objective is to create a next-generation consumer holding company by combining exceptional brands and leadership teams in the apparel & accessories, outdoor, health and wellness, home and other consumer-related industries to create long-term value for our shareholders,” Peck and other executives wrote in a filing with the Securities and Exchange Commission. “Our management team will leverage its industry expertise and relationships to achieve our objective. We believe that our team and vision will make us an attractive partner for founders and owners in the industries in which we plan to pursue business combination targets.”

As to what criteria will be used to target potential acquisitions, the executives said they intend to focus on businesses that, among other things, are the beneficiary of digital/technological disruption, are led by founders and are brands with an “x-factor,” have a high digital IQ; and have the potential to become an enduring, lifestyle brand and have a differentiated offering in a large, growing market segment. Brick-and-mortar retailers are also in the mix.

“Stores allow the full 3D expression of a brand and allow customers to experience it,” the filing stated. “Stores create awareness and attract customers. We believe stores of the right size and in relevant locations make money.”

According to the filing, Peck will serve as CEO of Good Commerce Acquisition Corp. Peck, who chief executive of Gap Inc. from 2015 to 2019, currently is an investor and partner at The Great, a women’s fashion brand.

Other executives on board at Good Commerce include Abinta Malik, who is serving as president. Malik previously served as executive VP at Gap Inc. from 2015 to early 2020, first as general manager and executive VP for Gap Inc. Greater China (stores and digital operations across Mainland, Hong Kong and Taiwan) and subsequently as head of Gap Inc.’s enterprise-wide loyalty and payments business. Prior to that, she was the senior VP of Gap online globally from 2013 to 2015 and senior VP Old Navy merchandising for the kids, baby and maternity businesses from 2011 to 2013.