Gap Inc. is buying multi-store luxury boutique Intermix to the tune of $130 million, according to Women’s Wear Daily. The two companies have been in talks for at least a month; with Intermix looking to expand it’s reach and Gap looking for an opening in the luxury market.
The pairing will likely be beneficial for both companies. Gap will be upping its fashion credibility by investing in a highly fashionable store. Intermix will have a major retailer behind it, with the resources and expertise to potentially grow worldwide. Word is that Gap plans to expand Intermix overseas as well as doubling the store count. Intermix currently has one store in Canada (located at 130 Bloor St. West in Toronto), but we’re hoping that this partnership could lead to more stores across Canada.
Intermix typically stocks brands such as Rag & Bone, Givenchy, Proenza Schouler, Vince, and Jeffrey Campbell. But with this new partnership, there are also plans to introduce a private label and expand into menswear. Intermix co-founder and chief executive officer, Khajak Keledjian, told Women’s Wear Daily that that the chain has “found a partner that has the global scale and infrastructure required to support our vision for growth.”
Gap will also reportedly assist Intermix in expanding its Internet reach and developing an e-commerce strategy. As retailers continue to figure out how to combine the traditional shopping experience with the hassle-free convenience of online shopping, it is becoming increasingly necessary to merge the two experiences together. “Some of our Web orders are shipped from the stores,” explained a Gap executive to WWD, “Customers can find an item on the Web and search for it in stores around [them] to find where it is available.” With competition from other online retail giants such as Net-A-Porter and ShopBop, this new approach to e-commerce could be beneficial for Intermix in 2013 and beyond.
It all sounds very exciting. We can’t wait to see what’s in store for Intermix in the future. Literally.
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