Gap Buys Retailer Intermix for $130 Million

Thursday, 03 Jan 2013 04:53 PM

 

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Gap Inc., the largest U.S. specialty- apparel retailer, bought Intermix Holdco Inc. for $130 million, the first acquisition in four years that will add luxury women’s clothes and accessories to its brands.

The cash deal, which closed last month, included 32 boutiques in North America and a website that sells a mix of luxury brands including new designers, San Francisco-based Gap said Thursday statement. Gap bought the company from its founders and private-equity firm Goode Partners LLC, which owned 40 percent, David Oddi, a Goode co-founder, said via e-mail.

The acquisition will build upon the 2008 purchase of yoga and fitness clothes retailer Athleta and the expansion of the fashion-oriented Piperlime website, Gap said. Intermix will continue to operate under Khajak Keledjian, its co-founder, and Adrienne Lazarus, its president.

Intermix, established in 1993, was founded by Keledjian and his brother Haro, according to Goode’s website. The company opened its first store in Manhattan’s Flatiron District on lower 5th Avenue, according to Goode, which became an investor in July 2007.

Intermix offers brands such as Givenchy, Helmut Lang and Sergio Rossi, according to the company’s website.

Gap, which owns the Old Navy and Banana Republic brands, also today reported that comparable store sales rose 5 percent in December, topping a 3.6 percent estimate from analysts surveyed by researcher Retail Metrics Inc.

The shares advanced 2.3 percent to $32.09 at the close in New York. They gained 67 percent last year after declining 16 percent in 2011.

© Copyright 2014 Bloomberg News. All rights reserved.

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