Gap Inc. (NYS:GPS) made dual announcements about its Old Navy and Athleta brands on Tuesday. Old Navy is heading to the metaverse and bringing its mascot, Magic the Dog, and its annual Flag Tee collection, which has been sold since the brand's launch in 1994. Starting Wednesday, June 29, the brand will sell 1,993 common NFTs featuring Magic wearing a Flag Tee for 94 cents apiece, and have a special auction of a Magic the Dog NFT. The auction will run for 24 hours with the proceeds going to the Boys & Girls Clubs of America, which collaborated on the NFT. Owners of the NFT can also claim an actual Flag Tee. Ten percent of future sales of the NFTs on the secondary market will go to the Boys & Girls Club. Gap also announced five new Athleta stores coming to Canada in 2022. Athleta launched in Canada last year with two stores in Toronto and West Vancouver, along with its e-commerce business. The new locations will be in Vancouver, Calgary, Etobicoke and Edmonton. Gap stock rose 1.1% in Tuesday premarket trading and has slumped 48.3% for the year to date.
June 21, 2022, 8:48 a.m. EDT