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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 customers.”
According to Gap, Intermix’s senior team, including co-founder and CEO Khajak Keledjian and president Adrienne Lazarus, will continue to operate the business from New York, with Keledjian as chief creative officer. They will report to Art Peck, president of Gap Inc.’s Growth, Innovation & Digital division.