The transaction closed Dec. 31. The deal expands Gap’s presence in the growing global luxury retail market and comes at a time when the $15 billion San Francisco-based retailer, which has been in turnaround mode for more than a decade, seems to have found its groove again. It posted third-quarter earnings in November in which net income jumped 60 percent from last year.
Intermix’s senior team of Khajak Keledjian, cofounder and chief executive officer, and Adrienne Lazarus, president, will continue to operate the business from New York. Keledjian moves over to the role of chief creative officer. Both report to Art Peck, president of Gap’s Growth, Innovation & Digital division. Peck spearheaded the acquisition, working with Glenn Murphy, chairman and ceo of Gap Inc.
“Intermix has a distinctive position in this growing market with clear competitive advantage,” said Murphy. “Their record of merchandising with a keen eye towards mixing multiple designer labels, complemented with exclusive product, is appealing to their loyal customers. This strategy reflects the strength of their brand vision and leadership team.”
Keledjian expressed pleasure at the deal, adding Intermix has “found a partner that has the global scale and infrastructure required to support our vision for growth.”
Source: WWD
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