Gap Inc. has the fashion spectrum covered thanks to Old Navy’s comfort, Gap’s business casual, and Banana Republic’s preppy looks. However, the company’s about to get luxurious.
Gap Inc. recently acquired INTERMIX Holdco Inc., much is described as a “multi-brand retailer of luxury and contemporary women’s apparel and accessories” out of New York. Currently, INTERMIX heads 32 boutiques across the continent, and boasts both luxury and up-and-coming designers — which Gap loves. The company sees an opportunity to expand INTERMIX, and enhance its e-commerce site, too.
“We’re thrilled to have found a partner that has the global scale and infastructure required to support our version of growth,” said Khajak Keledjian, INTERMIX co-founder. “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.”
That’s right they will! Keledjian will take on a role as chief creative officer, while Adrienne Lazarus will serve as president. As for what this transaction cost? Gap Inc. shelled out $130 million in cash for their INTERMIX acquisition on December 31. Talk about ending 2012 with a bang.
[photo via INTERMIX]
