Former Gap CEO Art Peck. Getty Images.
Paperwork was filed earlier this week by Peck with the Securities and Exchange Commission to raise money for a special purpose acquisition company (SPAC). Peck’s SPAC, Good Commerce Acquisition Company, plans to buy companies that sell apparel, accessories, and home goods, amongst other products.
”Our objective is to create a next-generation consumer holding company by combining exceptional brands and leadership teams in the apparel & accessories, outdoor, health and wellness, home and other consumer-related industries to create long-term value for our shareholders,” Peck wrote in the filing, which was first reported on by Seeking Alpha.
SPACs have become a hot Wall Street trend. These companies are founded to gather funds in order to buy or merge with other companies.
Peck, who had a long career at Gap before serving as chief executive from 2015 through 2019, will serve as chief executive of the new venture. Peck has also brought on Abinta Malik, another former Gap executive, as President. Malik worked at the retail giant for over 20 years, most recently as an executive vice president.