Gap, Inc., the American fashion retailer, has announced that it has plans to sell its Intermix business to private equity firm Altamont Capital Partners.
This is the second label Gap has decided to sell in 2 months. Back in March, the retailer had sold its kidswear brand Janie and Jack to investment platform Go Global Retail.
Also Read: Gap Inc. sells Janie and Jack brand
As per the deal, Altamont Capital Partners will completely acquire the Intermix business – including store leases, e-commerce and assets.
Notably, terms of the deal – including purchase price – haven’t been revealed as yet.
If experts have to be believed, Intermix has never been a good performer and ever since Gap had acquired it in 2012, it’s been majorly a losing proposition for the retailer.
It’s been a struggle for Gap lately, but with the sale of Janie and Jack and now Intermix followed by slow recovery of Old Navy and Gap brands should help the retailer regain top position.
Also, the retailer’ decision to take its workout brand Athleta to Canada later this year is surely expected to help it grow significantly.