Gap Inc. (GPS), 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 from new designers, San Francisco-based Gap said today statement.
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.
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 4.2 percent to $32.67 at 9:32 a.m. in New York. They gained 67 percent last year after declining 16 percent in 2011.