Late Friday, Gap announced the newest member to the Gap family ... fashion designer Todd Oldham. Reality-show fans may know Todd as the host of Top Design on Bravo for the 2007 season. An older generation may remember him from his turn on MTV's House of Style in the 1990s.

Beginning October 1, Oldham will serve as the creative design director for the Old Navy chain. He will also launch a line of merchandise that will be sold exclusively at Old Navy under the Todd Oldham brand.

A Wall Street Journal article notes that Gap has been late in the game of adding designers to its payroll. Target (TGT), Kohl's (KSS), and H&M have been scooping up fashion-industry names including Isaac Mizrahi, Stella McCartney, and Vera Wang respectively. The paper mentions that Old Navy could use a fresh approach, as its same-store sales dropped 9% in the second quarter.

GPS shares have lost 0.81% so far this morning.