From the Wall Street Journal, Gap Inc. is buying luxury retailer Intermix. For Gap, this is just the beginning of its growth and I wouldn’t be surprised if the company buys more businesses in the coming year. In the meantime, what do you think about this news? Do you shop at Intermix and Gap? What was the last thing you bought?
Gap Inc. is buying women’s fashion boutique Intermix Inc. for $130 million, a deal that will give the mostly casual-clothes retailer an opening to the all-important luxury market. Intermix doesn’t produce its own clothes and only has around 30 stores in the U.S. and Canada. But the chain has relationships with designers, including Herve Leger, Yves Saint Laurent and Rag & Bone, from which Gap could benefit. Intermix could also expand more quickly with the help of Gap’s bigger balance sheet. Gap plans to double Intermix’s store count, then look for opportunities to expand the chain overseas, said Art Peck, president in charge of new brands at Gap. – read more via WSJ