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"This was the opportunity of a lifetime. This is the brand that dresses America," Posen told CNN inside Old Navy’s Times Square location. Posen pointed out the specific features he crafted for the clothing on the shelves, such as bow-tie shoulder straps and pockets on a taffeta holiday dress.Old Navy is an essential part of parent Gap Inc. The company reported better-than-expected earnings in its third quarter, with a 5% year-over-year revenue rise for Old Navy alone.But customers are being careful with spending, and tariffs still loom over Old Navy’s merchandise. The retailer has introduced RFID technology that allows associates…