Premium childrenswear retailer Janie & Jack is moving from Gap Inc. to Go Global Retail.
Go Global Retail today announced plans to acquire Janie and Jack, a premium children’s fashion leader offering of apparel, footwear, and accessories, from Gap Inc. Following Gap Inc.’s strategic growth plan presented to investors on Oct. 22, 2020, the company is focused on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and the power of its platform. Go Global Retail is an investment platform in the fashion and consumer brand sector. Go Global’s investment partners in the deal include Axar Capital Management and MidCap Financial and two strategic investors, Dallas-based FB Flurry, and Shanghai-based Ven Bridge.
This is at least the third major shift for Janie and Jack, which was founded in 2002 and has continued to flourish, even when it was owned by children’s wear retailer Gymboree and was caught up in that company’s bankruptcy.
Commenting on the transactions, Gap Inc. Head of Strategy, Sally Gilligan, told WWD, “As part of Gap Inc.’s Power Plan 2023, and exemplified by this transaction, we are prioritizing strategic focus and resources behind the growth and potential of our billion-dollar brands in Old Navy, Gap, Banana Republic, and Athleta.”
Gap Inc. paid $35 million to acquire Janie and Jack’s assets in 2019. The brand has about 115 store locations in the United States and an e-commerce business.
BofA Securities, Inc. acted as an exclusive financial advisor to Gap Inc. on this transaction. Terms of the agreement were not disclosed.
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