Gap ended plans to spin off its Old Navy brand, reversing a strategy announced less than a year ago
The plan was unveiled last year as a way to give Old Navy, Gap's faster-growing budget brand, space to maneuver as its own company. At the same time, the plan would have allowed Gap to consolidate its older brands like Gap and Banana Republic with newer ones like Athleta and Hill City.But Old Navy has struggled in recent months, making separating the brands less attractive to investors.
Gap stock jumped as much as 10% during after hours trading Thursday, a sign investors approved of the decision to keep the brands together.Old Navy, which launched in 1994, had been the top prize in Gap's often inconsistent brand portfolio. Old Navy reached $1 billion in annual sales in its first four years by hawking trendy, low-priced clothes. The brand had thrived in recent years as more Americans shop for bargains.
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