Gap widens its reach, acquires new brand
SAN FRANCISCO — Gap has added one more brand to its existing portfolio, purchasing Intermix Holdco for approximately $130 million in cash.
Intermix is a New York-based multi-brand specialty retailer of luxury and contemporary women’s apparel and accessories. It operates 32 boutiques across North America, along with an e-commerce site, offering a mix of luxury brands, including up-and-coming designers. Gap intends to expand Intermix’s network of stores, as well as add significant visibility and enhancements to its online site.
“Intermix has a distinctive position in this growing market with clear competitive advantage,” said Glenn Murphy, chairman and CEO of Gap. “Their record of merchandising with a keen eye towards 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.”
Gap acquired Athleta in 2008 and the multi-brand, premium product offering at Piperlime. With Gap Inc.’s guidance in the past four years, Athleta has expanded its e-commerce platform and grown its brick-and-mortar presence, with about 35 retail stores opened in the past two years.
“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. “Gap Inc. shares many of our entrepreneurial roots, passion for innovation and customer experience. Together, we’ll continue to shape the future of retail by offering the most exciting fashion trends with the finest designers in the world.”
Keledjian will remain CCO and Adrienne Lazarus will remain president, and will report to Art Peck, president of Gap’s growth, innovation and digital division.