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GAP Refuses to Spin Off with Old Navy Due to Costs

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Surprisingly, Gap has called off to separate from Old Navy during its press release on Thursday, according to NY Post.

Likewise, its president and CEO of Gap, Neil Fiske, is leaving.

Gap interim and CEO Robert Fisher said during an interview, “The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands. While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation.”

He also added, “The work we’ve done to prepare for the spin shone a bright light on operational inefficiencies and areas for improvement.”
It was in February 2019 when Gap announced its plans with the Old Navy, which led to the ouster of former Gap Inc.

CEO Art Peck late last year. Peck stepped down from the position that he was holding since 2015. Fisher temporarily replaced him, who is the son of Donald and Doris Fisher, Gap’s founders.

The new CEO will be appointed so that there will be a full overview of the portfolio of brands, including the Banana Republic, Athleta, and Hill City.
The departure of Peck made the doubt for the split-up of Old Navy and Gap.

It was supposed to give hope that Old Navy would be successful on its own without being dragged by Gap’s other brand, Banana Republic.
Old Navy’s sale went down in several quarters mostly likely because of the growing competitor brands which sell budget apparels, namely H&M, Target, and TJ Maxx.

The company also shared its financials with Wall Street after the holiday season, but they didn’t provide the exact figures.

According to Gap, “as a result of better than anticipated promotional levels over the holiday period”, specifically Old Navy, it now is calling for adjusted earnings for last year to be “moderately above”, from $1.70 to $1.75.

In Fisher’s statement, the splitting of companies shone “bright light on operational inefficiencies and areas for improvement” for Old Navy, thus contributing to the decision reversal. “We have learned a lot and intend to operate Gap Inc. in a more rigorous and transformational manner that empowers our growth brands, Old Navy and Athleta, and appropriately focuses on profitability for the Banana Republic and Gap brand,” he added.

The separation would have cost as much as $450 million in a one-time expense, whereas another $350 million would be spent on capital-related expenses for next year.

In about more than a month, Gap will be reporting its last quarter and full-year earnings. Over the previous year, the stock fell more than 25%. Gap has a market value of $6.9 billion.

Many from the Wall Street lauded on that move, and there are still some skeptical about Gap. On Friday, it fell 1%.

According to Oliver Chen, an analyst from Covent and Co., The spin-off plan was “drawing focus away from the company that needs to prioritize delivering better execution across the supply chain, merchandise, inventory optimization, and customer engagement, and the company has a lot of work ahead…. (Gap) ultimately needs to focus on modernizing the brands to capture younger consumers and master a ‘test-and-react’ merchandise strategy to limit promotions and drive higher unit economics.”

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Dan is a software developer with experience in designing, development, and delivery of Android apps. His key skills include knowledge of Core Java, JSON & XML Parsing. He's also a keyboardist. So, either you’ll find him at her desk busy in building mobile apps or at a composing music in his home studio. He contributes his ideas on tech at PressReels as an author. You can contact him at Danreels@gmail.com

Business

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Asia’s one of most prominent Hotelplexes, Yongsan Dragon City Hotel Grand Mercure and global luxury goose down bedding brand Crown Goose collaborate to showcase Grand Mercure Crown Goose Suite Room Package from July 20th to August 31st.

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CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Asia’s one of most prominent Hotelplexes, Yongsan Dragon City Hotel Grand Mercure and global luxury goose down bedding brand Crown Goose collaborate to showcase Grand Mercure Crown Goose Suite Room Package from July 20th to August 31st.

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Yongsan Dragon City Hotel is a part of Accor Hotel Group from France, and is the largest hotel in Korea with 1,700 rooms, 11 restaurants and bars. The hotel can accommodate up to 4,900 people. Yongsan Dragon City includes four brands: Grand Mercure, Novotel Suites, Novotel Ambassador, and ibis Styles Ambassador.

Crown Goose Suite Room Package is located in Grand Mercure, known as a 6-star hotel from the Accor Hotel Group. Grand Mercure has upto 3 bedrooms, full kitchen facility, and indoor golf course and an access to executive floor lounge.

Grand Mercure’s Crown Goose package room is decorated with royal gold color, which symbolizes success, elegance, and royal authority. This Grand Mercure Suite room displays the top 0.05% of Crown Goose clients’ favorite bedding items. The room package also includes gift box of towel sets.

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Crown Goose, a global eiderdown brand has showcased “Crown Goose Room Package” in Hilton hotels before. Hilton’s ocean suite room, the highest room in Hilton accommodated a number of celebrities.

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Located in the heart of Beverly Hills, Crown Goose is a goose down brand loved by the world’s top clients and super riches. Crown Goose’s recent clients included New York Manhattan Super Rich’s Residence, 15 Hudson Yards and many Beverly Hills mansions. Thanks to these facts, Crown Goose has established itself as a high-end luxury goose down comforter among the wealthy. 

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Business

PENINSULA Unveils World’s First Official 8K Main Trailer!

(PRESSREELS) CONTENTS PANDA(Next Entertainment World), which presents PENINSULA released the world’s first official main trailer of 8K image quality at noon (Korean time) on June 16, 2020.

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PENINSULA Unveils World's First Official 8K Main Trailer!

Four years after ‘TRAIN TO BUSAN’, Connect with the survivors of the ‘PENINSULA’!

(PRESSREELS) CONTENTS PANDA(Next Entertainment World), which presents PENINSULA released the world’s first official main trailer of 8K image quality at noon (Korean time) on June 16, 2020. The trailer of PENINSULA, a 2020 Cannes Film Festival’s official invitation film, depicts the struggles of those who have survived in different ways for four years after TRAIN TO BUSAN.

PENINSULA Unveils World's First Official 8K Main Trailer!
↑(CLICK) Enjoy the PENINSULA more vividly with the world’s first official 8K Main Trailer

PENINSULA is an action blockbuster depicting the last battle for survival between the people left behind in the ruins of the Korean peninsula four years after Train to Busan. The upcoming PENINSULA trailer ahead of its worldwide premiere release in the summer of 2020 is full of such big scale action sequences and explosive thrills together with fast-sounding gunfights and car-chasing scenes.

In particular, the official trailer of PENINSULA, which has 8K image quality for the first time in the world, meets the technical specifications of all digital devices and delivers a high level of visual completeness to moviegoers around the world. The 8K trailer, which is 16 times clearer than the FULL HD image quality and 4 times clearer than the 4K image quality, can be enjoyed in 8K, 4K and HD according to the device’s specifications if the 8K main trailer via the NEW’s official channel on YouTube is selected as the highest specification (4320p 8K). Especially, viewers can watch them with a perfect picture quality without an extra setup from the YouTube app on Smart TVs that support either 4K or 8K.

This super high-definition trailer was created through the collaboration of NEW’s digital business corporation NEW ID and SK TELECOM. Among the media-focused core technologies of AI-based Post Production, a joint enterprise between the two companies, the technology called Supernova is a media upscaling solution (up to 8K) to improved quality of image and sound source based on the AI’s deep learning algorithms while maintaining the quality level of the original.

Movie Information

– Title: PENINSULA

– Director: YEON Sangho (Psychokinesis | Seoul Station | Train to Busan)

– Genre: Disaster, Zombie

– Cast: GANG Dongwon (Illang: The Wolf Brigade | A Violent Prosecutor)

LEE Junghyun (Love, Again | The Battleship Island)

– World Sales: CONTENTS PANDA (NEW)

– Production: REDPETER FILMS (Birthday | Psychokinesis | Train to Busan)

– Expected Release Date: Summer 2020

– Logline: 4 years after the inexplicable disaster, they’re returning to the godforsaken land!

– Synopsis

: Jung-seok barely managed to escape from the unprecedented disaster in Korea 4 years ago and lives in exile in Hong Kong by himself. He is given a lucrative chance to return to Korea to retrieve large bags of cash left abandoned in the streets of Seoul. His mission is infiltrated ruined city of Seoul and secure the target truck before the sunrise, then return to Hong Kong unscathed. But he and his team are ambushed by a militia known as Unit 631 and vicious zombie hordes. During his desperate struggle to survive, Jung-seok experiences a moment of deus ex machina as survivor Min-jung and her family save him from brink of death. Together, they formulate one last plan to escape the peninsula for good. The prodigal son, the survivor and the deranged, their bloody battle begins!

Trailer Link

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