Remember when Old Navy was cool? Probably not. The last time the clothing brand felt truly relevant was back in the 1990s, when high schoolers flocked to buy baby tees, bucket hats, and cargo pants. Three decades later, Old Navy has become the place where soccer moms shop for the whole family. It creates reliable, inoffensive basics that appeal to a broad swath of America. And while the clothes aren’t particularly exciting, Old Navy sells a lot of them. Last year, it generated...

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