Who is the owner of Old Navy?
Old Navy is a clothing and accessories retailer that specializes in offering trendy and affordable fashion for the whole family. But have you ever wondered who owns this iconic brand? In this article, we’ll dive deep into the history and current ownership of Old Navy to give you a comprehensive understanding of this beloved brand.
A Brief History
Old Navy was founded in 1994 by Chairman and CEO, Mickey Drexler, as an offshoot of Gap, Inc., another popular retail brand. The first store opened on March 5, 1994, in Colma, California. The brand’s humble beginnings were marked by a simple concept: affordable, high-quality clothing at a price that was at least 30% below the average price of competitive retailers. The name "Old Navy" was chosen as a nod to the USS Constitution, also known as "Old Ironsides," a symbol of tradition and trust.
Owner: Gap Inc. (1994-2022)
For nearly three decades, Old Navy operated as a subsidiary of Gap Inc., parent company of Gap, Banana Republic, and Athleta, among others. In 2004, Gap Inc. acquired babyGap and GapKids from The Limited, further integrating Old Navy into its broader portfolio of brands. Despite being part of a large corporation, Old Navy was known for its unique voice, colorful marketing campaigns, and emphasis on affordability, which differentiated it from competitors.
Acquisition: Authentic Brands Group (ABG) and Simon Properties Group (2022- Present)
In a surprise move, Simon Properties Group, a commercial real estate company, joined forces with Authentic Brands Group (ABG), a brand solutions company, to acquire the intellectual property of Old Navy (excluding international operations) for approximately $4.6 billion in June 2022. ABG, acquired by Shamrock Capital in 2020, has an impressive portfolio of brands, including Forever 21, Juicy Couture, and Nautica, among others. This strategic partnership aims to revamp Old Navy, leveraging the strengths of Simon Properties Group’s retail properties and ABG’s expert brand management.
Interesting Facts
Here are a few notable points about the ownership changes:
• Gap Inc. retained operations in Mexico, Canada, and China, where local partners and joint ventures handle the Old Navy brand, ensuring the brand’s expansion in key international markets.
