Aligned to its Power Plan 2023, Gap, Inc plans to grow its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and the power of its platform.
As per Textile Focus, the company plans to sell Janie and Jack, a leader in premium children’s fashion, to Go Global Retail, an investment platform in the fashion and consumer brand sector. Go Global Retail intends to acquire the entire Janie and Jack business, including the e-commerce platform, all store leases, and assets.
BofA Securities, Inc. acted as exclusive financial advisor to Gap Inc. on the transaction. Terms of the agreement were not disclosed.
Gap Inc. acquired Janie and Jack in 2019 and today the brand has about 115 store locations in the United States and an e-commerce business.
Gap’s Power Plan 2023 aims to deliver consistent sales growth, margin expansion and strong operating cash flow. The American worldwide clothing and accessories retailer was founded in 1969 by Donald Fisher and Doris F. Fisher and is headquartered in San Francisco, California. The company operates six primary divisions: Gap (the namesake banner), Banana Republic, Old Navy, Intermix, Hill City, and Athleta. Gap Inc. is the largest specialty retailer in the United States, and is 3rd in total international locations, behind Inditex