Gap Inc. has acquired specialty contemporary chain Intermix for $130 million.

The transaction closed on Dec. 31. WWD first reported that the two were in discussions last month.

“Intermix has a distinctive position in this growing market with clear competitive advantage,” said Glenn Murphy, chairman and chief executive officer 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.”

“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, along with Adrienne Lazarus, Intermix’s president, will stay on at the firm and oversee operations from New York. Keledjian, who was Intermix’s chief executive officer, moves over to the new role of chief creative officer. Both Keledjian and Lazarus will report to Art Peck, president of Gap’s Growth, Innovation and Digital division.

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