Gap Buys Intermix for $130M
San Francisco–based retail giant Gap Inc. bought New York–based specialty retailer Intermix from owner Intermix Holdco Inc. for approximately $130 million in cash. Intermix has 32 stores in the United States, including a store on Beverly Drive in Beverly Hills.
According to a statement released by the Gap, the deal will help Intermix expand its “unique network of stores” and improve the visibility of its e-commerce site.
“Intermix has a distinctive position in this growing market with clear competitive advantage,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “Their record of merchandising with a keen eye toward mixing multiple designer labels, complemented with exclusive product, is appealing to their loyal customers. This strategy reflects the strength of their brand vision and leadership team.”
Best known for its Gap, Banana Republic and Old Navy nameplates, Gap Inc. also owns Athleta, which it acquired in 2008 as a catalog retailer and expanded to include bricks-and-mortar stores. The company also owns e-commerce site Piperlime, which started as a shoe and accessories retailer and has expanded to include apparel.
“We’re thrilled to have found a partner that has the global scale and infrastructure required to support our vision for growth,” said Khajak Keledjian, co-founder of Intermix, who will continue to lead Intermix operations, assuming the title of chief creative officer. Adrienne Lazarus, president of Intermix, will remain in the position. Both will report to Art Peck, president of Gap Inc.’s Growth, Innovation & Digital division.—Alison A. Nieder
