Clothing retailer Gap, Inc. has acquired INTERMIX Holdco Inc., a specialty women’s apparel merchant, for $130 million.
INTERMIX, according to a press release, operates 32 luxury boutiques across North America, along with an ecommerce site. In the release, Gap states that the deal is expected to help them compete in the growing luxury market.
“INTERMIX has a distinctive position in this growing market with clear competitive advantage,” said Glenn Murphy, chairman and CEO of Gap Inc., in the release.
INTERMIX joins a long list of brands within Gap’s portfolio including Athleta, Banana Republic, Old Navy and Piperlime.
Gap also announced its December 2012 net sales, which increased 5% compared with last year. Net sales for the five-week period ending on December 29, 2012 were $2.08 billion compared to net sales of $1.98 billion for the five-week period ending on December 31, 2011.