December 15, 2021
This message was sent to the Gap Inc. employees from Nancy Green and Adrienne Gernand
Today, we are excited to share that Gap Inc. and Grupo Axo have signed a purchase agreement for the sale of the Old Navy business in Mexico. Upon closing, Grupo Axo plans to operate the Old Navy business in Mexico as a franchise partner to Gap Inc., with the transfer of all Old Navy stores and employees in Mexico to Axo. Until regulatory approvals and closing conditions are met, the Old Navy Mexico business will continue to operate as usual.
In line with Gap Inc.’s Partner to Amplify strategy to promote capital-efficient growth in international markets, the franchise agreement will allow Old Navy’s stores and e-commerce business to benefit from Axo’s local scale and expertise as operators of a portfolio of brands in Mexico that includes Calvin Klein, Coach, Crate & Barrel, Guess, and Victoria’s Secret franchises.
Axo is a values-led company that shares Old Navy's commitment to the democracy of style and service. Their local market expertise, passion for customer service, and operational excellence will allow Old Navy to continue to thrive in Mexico, grow brand love and serve our customers across all channels for many years to come.
—Nancy Green, President and CEO, Old Navy, and Adrienne Gernand, Managing Director, International and Global Licensing & Wholesale