San Francisco -- In a development that will take it into the growing global luxury market, Gap Inc. announced Thursday it has acquired women’s apparel retailer Intermix Holdco for approximately $130 million in cash. The transaction was completed Dec. 31.
Intermix, which operates 32 stores and an e-commerce site, offers a mix of luxury brands including merchandise from up-and-coming designers. The featured brands range from Rag & Bone and Stella McCartney to Proenza Schouler and Helmut Lang. Gap said it sees opportunity to expand the chain and lift the website’s visibility.
“Intermix has a distinctive position in this growing market with clear competitive advantage,” said Glenn Murphy, chairman and 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