The GAP Buys Intermix for $130 Million
The GAP is boosting its fashion cred with the recent acquisition of high-fashion retailer Intermix. The two were in talks prior to the turn of the new year and settled on a deal that shelled out a whole lotta cash.
Ellie Krupnick writes in the Huffington Post: “Gap will also help Intermix on the e-commerce front, helping it expand its Internet reach and international name recognition. As for now, any additional projects are still in discussion. Keledjian told WWD that the short-term plan is simply to open more Intermix stores and grow sales, but that the creation of a “private label” brand is a possibility.”
This is great news for the GAP whose sales have been on the struggle since circa Sarah Jessica Parker ads. To put it plainly, the once ahead of the curve brand has been trailing behind rising starts like Intermix, H&M, American Apparel and Uniqlo without much success.
“We are the incubator with emerging brands, and we can help them out with collaborations,” says Intermix founder and CEO Khajak Keledjian, who will remain at the company as chief creative officer.