Gap Acquires Intermix
Intermix made a new year's resolution to expand in the U.S., overseas, and online. They took no time in making sure this happened immediately, which is why Gap just acquired Intermix for a mere $130 million, to aid Intermix in their expansion.
I mean, technically, the deal was finalized on December 31, but you get the idea. Intermix co-founder Khajak Keledjian released a statement saying that Intermix has “found a partner that has the global scale and infrastructure required to support our vision for growth”. Gap, he says, will “let us focus more on product, merchandising and innovation.”
Intermix and Gap will not wait to start this global expansion. In 2012, Intermix will open stores in Brooklyn, San Francisco and Montecito. Intermix will also implement Gap's e-commerce model. Already popular amongst the online shoppers (domestically and overseas), Intermix will make the slight change in connecting stores with online shopping.
Basically, when you see something online, you can reserve it in a store for pick-up. Not a bad idea, I wish more stores would follow suit. In the long term, Intermix will plan on launching a menswear line and to introduce it's own Intermix private label.
Best of luck to Intermix and Gap's new business venture!
Ally | Elite.
Photo Credit: Getty Images
Subscribe to Elite Daily's official newsletter, The Edge, for more stories you don't want to miss.