According to CNN Business , the amicable split will allow both brands an opportunity for expansion tailored to its customers. "The move is designed to allow Old Navy — which has grown to $8 billion in annual sales since it opened its first store in 1994 — to expand on its own," the website reported. "Meanwhile, the company can consolidate its older brands like Gap and Banana with its newer ones like Athleta and Hill City. NewCo will have about $9 billion in annual sales."