Almost a week ago, during what was supposed to be a routine earnings call, Gap president and CEO Art Peck shocked the industry when he announced that Old Navy was spinning out of the Gap Inc. umbrella and into its own company.
In a keynote at the Shoptalk retail conference in Las Vegas, Peck explained why the was necessary—and where Gap is headed next.
Peck said Gap Inc. spends a billion dollars a year in technology and innovation, and while the Old Navy business was doing well for the company, it led to compromises across other Gap Inc.
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