Gap to Sell Intermix Business

Gap Inc. (San Francisco) will sell its Intermix designer apparel brand to Altamont Capital Partners, reports CNBC. The deal involves 31 U.S. Intermix store leases and its e-commerce business.

Gap purchased Intermix for $130 million in cash. At that time, the business accounted for less than 1 percent of Gap’s 2020 sales of $13.8 billion. The sale signals Gap’s intent to focus on its core brands: Gap, Banana Republic, Old Navy and Athleta.