Gap Inc. has revealed its plans to sell leading omnichannel fashion boutique Intermix to private equity firm Altamont Capital Partners for an undisclosed amount.
“We are committed to driving long-term, profitable growth for our shareholders and employees, while delivering unique product and experiences for our customers at scale. The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta,” said Sally Gilligan, Head of Strategy at Gap Inc.
In 1993, Khajak Keledjian and his brother Haro cofounded Intermix and opened their first Intermix boutique in New York City on lower Fifth Avenue. The brothers later looked to Gap Inc. to not only cash in on their business but to also further grow and scale the company.
Gap acquired Intermix in 2012 for $130 million as it sought to bring a more contemporary and hipper fashion aesthetic to the company. Today, the brand owns 31 store locations throughout the United States in addition to its eCommerce business. Altamont Capital Partners intends to acquire the entire Intermix business, including all store leases, its eCommerce business and other assets.
“This partnership creates opportunities for Intermix to execute against a long-term plan for sustained success and growth,” said Altamont Capital Partners managing director Keoni Schwartz. “As events and social gatherings become more frequent, Intermix is well-positioned to reemerge as a leading omnichannel fashion retailer and continue to improve its offering and service for its exceptional customer base. We look forward to applying our considerable experience with other carve-outs to support the management team and are excited to be investing in Intermix as they continue to build a compelling, independent omnichannel retailer delivering a best-in-class customer experience.”
The sale marks a milestone for the retailer as it continues to execute against its Power Plan 2023 and follows its recent sale of Janie and Jack, a leader in premium children’s apparel and accessories, to Go Global Retail in April 2021.