Gap Inc. has announced that, following the completion of the 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. will be a portfolio of brands, including the Gap brand, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City. The announcement comes as the company wraps-up a week-long celebration of its iconic Gap brand’s 50th anniversary.
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 the CEO of Old Navy and Art Peck will become CEO of the new Gap Inc.
“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. “Over the past 50 years the credibility and reputation the company has built with the Gap Inc. name transcends any individual brand.” “Our brands remain a cultural cornerstone with global relevance,” Peck continued. “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.”