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Gap Inc.'s decision to split into two activities strengthens the fortunes of the retailer's founding family.
Doris Fisher, who created Gap with her late husband, Donald Fisher, and his sons, William, Robert, and John, hold approximately 43 percent of the San Francisco-based company's shares through a series of trusts and corporations. limited liability. Their participation in society now stands at about $ 4.9 billion.
Gap announced Thursday its intention to separate its Old Navy business into an autonomous company while retaining its Athleta and Banana Republic brands. The move pushed stocks up 19% to $ 30.25 at 10:55 in New York. According to the Bloomberg Billionaires Index, the family's fortune has grown by $ 786 million, reaching at least $ 8.9 billion.
The family has many assets outside Gap. John Fisher also owns the Oakland Athletics baseball team and invests in the San Jose Earthquakes earthquakes of Major League Soccer, while Doris has a collection of more than 1,000 contemporary works of art. According to the Land Report, the family is the 26th largest landowner in the country, with about 440,000 acres of woodland in California.
Last year, the company paid more than $ 100 million in dividends on shares owned or controlled by family members, according to data compiled by Bloomberg.
Shareholders can expect to receive proportionate dividends in each of the new companies, the company said Thursday. It was unclear whether the Fishers, who currently hold three of Gap's 13 board seats, will retain the same number of positions at both Old Navy and the new company, which has not yet been named.
A Gap spokesman said that each company will have a board of directors composed of directors, which will reflect the needs of each company. She added that the process was early and that the composition of the board of directors of the two entities had not been determined.
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