On Thursday, Gapannounced 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.
The article Gap Goes High-End With $130 Million Intermix Buy originally appeared on Fool.com.
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