Gap Goes High-End With $130 Million Intermix Buy

On Thursday, Gap (NYSE: GPS  ) announced it has acquired multibrand women's luxury apparel retailer INTERMIX Holdco, operator of 32 boutiques across North America.

The purchase, which Gap says closed on Dec. 31, cost the company $130 million cash. Gap notes that it intends to invest further in the company to expand its network of stores, and to "add significant visibility and enhancements" to INTERMIX's e-commerce website.

Historically a casual apparel specialist, this move increases Gap's exposure to more premium brands, building on the company's 2010 acquisition of online retailer Piperlime, another multibrand, premium brand.

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