Gap & Old Navy Will Soon Be Separate Companies
It\'s the end of an era for a major mall retailer. On Thursday, Gap announced it is splitting from Old Navy, in what appears to be a way make a distinction from the affordable, family-friendly label and its more expensive brands. Old Navy will be its own separate company while Gap, Banana Republic, Athleta and Hill City will be their own entity. (That company is currently known as NewCo, with a new name to be determined at a later date.)According to CNN Business, the amicable split will allow both brands an opportunity for expansion tailored to its customers. \"The move is designed to allow Old Navy — which has grown to $8 billion in annual sales since it opened its first store in 1994 — to expand on its own,\" the website reported. \"Meanwhile, the company can consolidate its older brands like Gap and Banana with its newer ones like Athleta and Hill City. NewCo will have about $9 billion in annual sales.\"“Old Navy is a little bit more fast-fashion, move quick, lower price point,??