Gap Inc. continues to streamline its brand portfolio to focus on its core banners.
The retailer has entered into an agreement to sell luxury apparel brand Intermix to private-equity firm Altamont Capital Partners. Altamont will acquire the entire Intermix business, including all store leases, assets and e-commerce. Terms of the deal were not disclosed.
Gap bought Intermix for approximately $130 million at the end of 2012. The retailer, which offers a mix of luxury brands including merchandise from up-and-coming designers, has 31 stores in the United States and an e-commerce site.
The deal to sell Intermix comes on the heels of Go Global Retail’s acquisition of Gap’s upscale children’s wear brand, Janie and Jack. Gap acquired the brand in March 2019 from Gymboree Corp.
The move to sell off Intermix and Janie and Jack is in line with Gap’s “Power Plan 2023” strategy to focus its resources behind the growth and potential of its billion-dollar brands Old Navy, Gap, Banana Republic and Athleta.
“We are committed to driving long-term, profitable growth for our shareholders and employees, while delivering unique product and experiences for our customers at scale,” said Sally Gilligan, head of strategy, Gap Inc. “The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta."