Former Gap CEO Launches $200 Million SPAC

Former San Francisco-based Gap CEO Art Peck plans to continue his fashion career as Chief Executive and Board Chair of a Cayman Islands-incorporated special purpose acquisition company (SPAC) dubbed Good Commerce Acquisition Corporation, according to documents filed this week with the Securities and Exchange Commission.

The goal is to raise $200 million, or as much as $230 million, to launch a company that is data-led and community-driven with strength in both direct-to-consumer ecommerce as well as traditional retail and wholesale into the stock market, according to documents filed with the Securities and Exchange Commission.

The company said in its filing: “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.”