Gap Plans to Spin Off Old Navy After a Dismal Year


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Gap, one of the largest operators of mall stores in the United States, said on Thursday that it planned to spin off Old Navy into a separate public company, drawing a line between the family-friendly apparel chain and its classic, more expensive brands.





The separate company would contain Gap’s namesake label, Banana Republic, Athleta, Intermix and its new Hill City brand. Gap is aiming to complete the transaction in 2020, and the two companies will end up similar in size. Old Navy brought in about $8 billion in revenue in the last fiscal year while the brands that will make up the new entity combined to take in around $9 billion.


Art Peck, Gap’s chief executive, said on an earnings call that the proposed split was an opportunity “to write the next chapter for specialty retail.” He said that, over time, Old Navy’s needs have differed from those of the rest of the brands. It shares fewer customers with the other labels, has a smaller international footprint and uses different in-store technology.


“Old Navy is a little bit more fast-fashion, move quick, lower price point,” said Greg Portell, lead partner in the global consumer and retail practice of A. T. Kearney, a consulting firm. “If you think about the more mall-based brands, they are foundational, they’re classic, they’re not as quick to turn. Athleta’s a little bit different, but it still targets that consumer that is looking for a different experience than the Old Navy, price-based, go-now shopper.”


Article source: https://www.nytimes.com/2017/10/10/style/romance-novels-diversity.html?partner=rss&emc=rss

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