After acquiring the retailer just two years ago, Gap Inc. will cut ties with premium children's fashion brand Janie and Jack. Its new owner will invest in artificial intelligence and predictive analytics technologies to grow the brand.
Go Global Retail plans to acquire Janie and Jack, which includes more than 115 retail stores in the U.S. and online operations offering apparel, footwear, and accessories in sizes newborn through tween.
Go Global's investment partners in this acquisition include New York-based Axar Capital Management, MidCap Financial of Bethesda, MD, as well as Strategic investors FB Flurry, based in Dallas, TX, and Shanghai-based Ven Bridge, Ltd.
Gap Inc. acquired Janie and Jack in March of 2019 for $35 million from Gymboree Group Inc. Since its founding in 2002, Janie and Jack has built a modern classic iconic brand with a focus on elevated design and details.
"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. “Our plan is to expand the company's digital capabilities and accelerate online growth globally. Go Global's international reach will open new markets for Janie and Jack in the UK, Europe and Asia.”
"Our team of experienced retail and brand practitioners will complement the existing dynamic management team in areas of digital strategy, international business development, supply chain and global operations,” said Christian Feuer, managing director of Go Global added Growth is our ultimate goal."
Go Global said it will invest in Janie and Jack's digital capabilities, including artificial intelligence and predictive analytics. As a freestanding, independent fashion brand, Janie and Jack will focus on its core customers - fans of their modern take on children's fashion with classic silhouettes and sophisticated sensibility.
"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. "We are thrilled to work with this team of experienced retail professionals who are as passionate about growing our strong, stand-alone brand as we are. I believe we'll build a bright future together."
The Go Global transaction is expected to close April 2, 2021. Janie and Jack will continue to be based in San Francisco.