Gap is spinning off Old Navy. Here's how the company went from 1990s apparel king to breaking up
Gap Inc. is spinning off its most successful brand, Old Navy. The discount retailer posts positive year-over-year sales growth and accounts for over 40% of Gap Inc.'s annual sales. Meanwhile, Gap and the upscale Banana Republic brand have battled falling sales for several years in a row. Now, Gap and Banana Republic will join much smaller brands Intermix, Athleta, Hill City, and Janie & Jack to form an as-yet unnamed company, and Old Navy will stand alone.