Gap Inc., the American clothing giant, has decided to sell its Janie and Jack brand to investment platform Go Global Retail.
The amount for which the kidswear brand has been sold by Gap hasn’t be revealed as yet.
In a statement released to media, the fashion retailer said that Go Global Retail will be acquiring not only the e-commerce business of Janie and Jack, but also taking over more than 115 stores in the US.
The sale, in all likelihood, will close on 2 April 2021 (Friday).
When former Gap CEO Art Peck had bought Janie and Jack brand in 2019, he had seen lot of profitable opportunity with the brand.
However, debacle of spinoff of Old Navy hit Gap hard and soon Art Peck left the company. This was immediately followed by COVID-19 pandemic and the new management at Gap hasn’t been too keen about the endeavours initiated by the former CEO.
Therefore, sale of Janie and Jack doesn’t actually come as a surprise!
However, Go Global Retail seems to be optimistic about the kidswear label and besides focusing on brand’s online growth, the investment platform also has plans to explore new markets in the UK, Europe and Asia.
Gap had purchased Janie and Jack from Gymboree in 2019 for US $ 35 million.
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