Gap is selling the upscale children’s brand it acquired just two years ago, Janie and Jack, to investment firm Go Global Retail.
Gap acquired Janie and Jack for $35 million when previous owner Gymboree went bankrupt in 2019. The children’s brand currently has more than 115 retail stores in the U.S. and an ecommerce business, which Go Global plans to grow with strategic investments in digital capabilities including AI and predictive analytics. The company also plans to expand Janie and Jack’s international reach to the UK, Europe and Asia.
“We are thrilled to acquire an incredible brand like Janie and Jack from the Gap,” said Jeff Streader, Founder and Managing Partner of Go Global in a statement. “Our plan is to expand the company’s digital capabilities and accelerate online growth globally.”
Go Global also owns DTC women’s fashion brand ModCloth, which it acquired from Walmart in January 2020, just two years after Walmart itself bought the brand.
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Go Global’s investment partners in the Janie and Jack acquisition include Axar Capital Management and MidCap Financial, as well as strategic investors FB Flurry and Ven Bridge.
“This is an exciting opportunity for Janie and Jack, and we are incredibly pleased that our brand will continue to build lasting connections with customers as part of the Go Global family,” said Shelly Walsh, General Manager of Janie and Jack in a statement. “We are thrilled to work with this team of experienced retail professionals who are as passionate about growing our strong, standalone brand as we are.”
