In 2012, Intermix made news in the Philadelphia shopping scene as it marked its first location in the city on Rittenhouse Row. Two days after the new year, the multibrand luxury company announced that it is being sold to Gap Inc. for $130 million.
The Wall Street Journal reports that the deal will open relationships and potential opportunities in the luxury market for Gap, which largely specializes in casual clothing. Although Intermix - which has 30 store locations across North America - does not currently produce its own namesake clothing, the company is the arbiter of creating cool, designer-label looks for its clients. This requires maintaining close relationships with luxury brands like Rag & Bone, DvF and other top and emerging designers.
Intermix CEO and founder Khajak Keledjian will remain as the company's chief creative officer. On the acquisition, he tells the WSJ, "We are the incubator with emerging brands, and we can help them out with collaborations." Gap says it plans to expand Intermix overseas as the company competes with rival retailers like Zara and H&M.
This marks Gap's first deal since 2008 after the company acquired athletic apparel company Athleta for $150 million. Gap is also the parent company of Banana Republic, Old Navy and Gap. Walnut Street is currently home to three of four Gap Inc. stores, soon-to-be four of five.
Esther Lee is the style editor of Philly.com. Qualms, quips, questions? Email her, here.