Gap Inc said on Thursday it would separate its Old Navy brand into a publicly traded company, to focus on its struggling namesake apparel business.
Feb 28 (Reuters) — Gap Inc said on Thursday it would separate its Old Navy brand into a publicly traded company, to focus on its struggling namesake apparel business, sending its shares up 18 percent.
Old Navy has had a better success than the Gap brand in recent years as a wide range of budget apparel has made it more appealing to a broader base of consumers.
