Gap Inc. Acquires Janie and Jack, Expanding Brand Portfolio Into Premium Kids and Baby Apparel
SAN FRANCISCO - March 04, 2019 - (BUSINESS WIRE) - Gap Inc. (NYSE: GPS) today announced it has purchased Janie and Jack, a leader in premium children’s fashion, from Gymboree Group Inc. Janie and Jack operates over 100 retail stores in the US along with an e-commerce site offering apparel of outstanding quality.
"I am pleased to welcome Janie and Jack to the Gap Inc. family and to expand our portfolio into the premium kids and baby business,” said Art Peck, President and CEO of Gap Inc. “Janie and Jack has a strong and loyal customer following that complements our existing brands, with a clear path for growth ahead.”
“This is an exciting outcome for Janie and Jack, and we are incredibly pleased that our brand will continue to serve our customers with its unique modern classic aesthetic as part of the Gap Inc. family,” said Shelly Walsh, General Manager of Janie and Jack. “We are thrilled to be joining another San Francisco Bay Area retailer who shares our passion for creating and providing high-quality clothing and delivering exceptional customer experiences. I want to thank all of our Janie and Jack employees for their hard work and dedication to building a strong brand with a bright future.”
Janie and Jack will continue to operate as a standalone brand based in San Francisco. The transaction was completed on March 4, 2019, with Gap Inc. purchasing Janie and Jack for approximately $35 million with an additional agreement to purchase the Janie and Jack inventory at cost plus additional fees and expenses.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, and Hill City brands. Fiscal year 2018 net sales were $16.6 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through company-operated stores, franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
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SOURCE Gap Inc.