Gap Launches Into Luxury
The Gap Inc. has expanded into luxury retail with the acquisition of Intermix, a multi-brand specialty retailer of luxury and contemporary women’s apparel and accessories, for $130 million. Intermix operates 32 boutiques across North America, and an e-commerce site. Gap will use this opportunity to double Intermix’s store according to reports, and 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, CEO of Gap Inc. “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.”
Intermix will continue to operate under its co-founder, in the role of chief creative officer, and Adrienne Lazarus, president, who will report to Art Peck, president of gap’s growth, Innovation and Digital (GID) division.
The acquisition will expand Gap’s portfolio of brands. “We’re thrilled to have found a partner that has the global scale and infrastructure required to support our vision for growth,” said Khajak Keledijan, 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.”
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