Gap has announced the acquisition of Intermix Holdco Inc., a New York-based multi-brand retailer focused on luxury and contemporary women’s apparel and accessories, for approximately $130 million in cash. The transaction was completed on December 31, 2012.
Intermix currently operates 32 boutiques across North America as well as an e-Commerce site, and has a “distinctive position in the growing market with clear competitive advantage,” according to Glenn Murphy, Chairman and CEO of Gap, Inc. in a press release.
Gap acquired Intermix based on the company’s “record of merchandising with a keen eye towards mixing multiple designer labels, complemented with exclusive product” which appeals to the Gap base of customers, added Murphy.
Intermix will continue to operate under the leadership of Khajak Keledjian, Co-Founder of INTERMIX, in the role of Chief Creative Officer, and Adrienne Lazarus, President. Both will report to Art Peck, President of the Gap Inc. Growth, Innovation & Digital (GID) division.
This INTERMIX deal follows the $150 million Gap acquisition of Athleta, an active women’s apparel brand, in September 2008. In addition to 22 Athleta stores, Gap currently owns and operates more than 3,200 stores under the banner names Gap, Old Navy and Banana Republic in the U.S. and abroad.