Gap Buys Intermix For A Cool $130 Million
2013 marks a fresh new start for Intermix as it’s just been announced that Gap has bought the San Franciso-based boutique chain for a cool $130 million.
Earlier in December, there were reports that Gap was looking to acquire Intermix, and a deal was finally closed on New Year’s Eve. The $130 million price tag is a whole lotta dough, but it seems like a reasonable investment given that Intermix has slowly gained back its initial hype in the last decade and reported a 60 percent increase in net profit in November from the same time last year.
There are no plans to change the senior staffers, and both companies see growth opportunities, which Gap can certainly use. Intermix’s CEO Khajak Keledjian says that the company has “found a partner that has the global scale and infrastructure required to support our vision for growth,” while Gap’s top dog Glenn Murphy says, “Intermix has a distinctive position in this growing market with clear competitive advantage. Their record of merchandising with a keen eye towards mixing multiple designer labels, complemented with exclusive product, is appealing to their loyal customers.”