Gap Inc. says it will retain its iconic name following the completion of the planned spin-off of its Old Navy brand.
The new Gap Inc.’s umbrella will include its core Gap brand—which is currently celebrating its 50th Anniversary—along with Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City.
“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, Gap’s president and chief executive officer. “Over the past 50 years, the credibility and reputation the company has built with the Gap Inc. name transcends any individual brand.”
Peck, who will continue as CEO of the new Gap Inc., said he is “optimistic” about the company’s future, noting that the focus going forward 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 company will host an Investor Day on Sept. 12 in New York City, where it will provide an update on the planned spin-off, which is slated for 2020.
Old Navy will trade under its current name when it becomes a standalone company. Sonia Syngal, who has led Old Navy since 2016, will become CEO of the new public company.