(MENAFN) US clothing fashion retailer Gap Inc. has agreed to acquire women's fashion boutique Intermix Inc. for USD130 million, The Wall Street Journal reported.
Gap is looking to access the luxury clothes market, and the deal will open the doors for that, as Intermix has relationships with designers, including Herve Leger, Yves Saint Laurent and Rag & Bone.
In return, Intermix, which owns only 30 stores in the US and Canada, could expand more quickly with the help of Gap's bigger funds.
Gap plans to double Intermix's store count, then look for opportunities to expand the chain overseas, said Art Peck, president in charge of new brands at Gap.
Gap is competing with Sweden's Hennes & Mauritz AB's (H&M) and Inditex
Group's Zara.
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