Gap, Inc. will keep its name following split with Old Navy

Gap might be splitting up with Old Navy, but it will be keeping its name.

In March, Gap Inc. conglomerate announced plans to separate its Old Navy label and group its remaining brands -- which include Gap, Athleta, Banana Republic, Intermix and Hill City -- under the moniker NewCo. However, the company has now announced that following the separation, the retail group will be keeping its name of Gap, Inc.

The news follows a week of major celebrations for the heritage fashion label Gap, which marked 50 years in business this month.

"As we celebrate this milestone anniversary, we have reflected on the remarkable history of this amazing company and the power and global influence of the Gap name," said Art Peck, President and Chief Executive Officer of Gap Inc., in a statement. "Over the past 50 years the credibility and reputation the company has built with the Gap Inc. name transcends any individual brand."

Old Navy will operate completely separately from Gap, Inc., becoming a standalone company. "Following a comprehensive review by the Gap Inc. Board of Directors, it's clear that Old Navy's business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward," said Robert Fisher, Gap Inc.'s Board Chairman, in a statement at the time of the initial announcement.