Gap Inc. moves into the high-end fashion market with the acquisition of Intermix, a luxury women's apparel and accessories retailer. Gap paid $130 million in cash for Intermix Holdco Inc. Intermix is based in New York and operates 32 boutiques in the U.S. and Canada. Intermix also has an online shopping site at intermixonline.com
The acquisition is the first for the Gap since it acquired Athleta in 2008. Khajak Keledjian, co-founder of Intermix, will continue to lead the company as chief creative officer. Keledjian Adrienne Lazarus, president, will both report to Art Peck, president of Gap Inc.ís Growth, Innovation & Digital (GID) division.
Glenn Murphy, chairman and CEO of Gap Inc., said in a release, "Intermix has a distinctive position in this growing market with clear competitive advantage. 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."