Former Gap Inc. CEO Files IPO
A little more than a year after exiting specialty-retail giant Gap Inc., Art Peck, the company’s former chief executive officer, is looking to get back into the business.
On March 22 he filed for an initial public offering for the Good Commerce Acquisition Corp., headquartered in the San Francisco Bay Area town of Greenbrae, Calif. The company seeks to raise up to $200 million. Joining Peck in the venture is Gary Wassner, CEO of Hilldun Corp., a factoring and finance company, and Abinta Malik, who served as an executive vice president at Gap until April 2020.
Eventually the stock will be listed on the Nasdaq. There was no public market for the security at the time of the announcement, according to SEC documents. The IPO offers a price of $10 for an individual Class A share.
Good Commerce Acquisition will focus on apparel and accessories, wellness, home accessories, as well as “next-generation” lifestyle brands and companies.
“Our objective is to create a modern-consumer holding company that is data led, agile and community-driven with differentiated strengths in both direct-to-consumer e-commerce as well as traditional retail and wholesale,” according to a company statement. “Our brands will be rooted in social and environmental responsibility, reflecting the values that today’s consumers demand. We believe this modern approach will create long-term value for our shareholders.”