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Clothes retailer GAP to buy fashion boutique Intermix
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American casual-clothing and accessories retailer Gap Inc is to buy women's fashion boutique Intermix Inc, which will allow it to enter the luxury clothes market.
Intermix, which has about 30 stores in the US and Canada, has ties with top designers such as Herve Leger, Yves Saint Laurent and Rag & Bone.
"We are the incubator with emerging brands and we can help them out with collaborations," said the founder and chief executive of Intermix, Khajak Keledjian, who is to remain at the company as chief officer.
Gap, which will pay $130 million for the fashion company, plans to double the number of Intermix stores and look for opportunities to expand the store chain overseas.
The deal with Intermax is Gap's first since it purchased women's active apparel retailer Athleta in 2008.
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