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Gap Inc. sells luxury chain Intermix to focus on core brands

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Gap Inc.
GPS,
-2.23%

said Tuesday that it has agreed to sell its luxury fashion boutique chain Intermix to private-equity firm Altamont Capital Partners. Altamont will get Intermix’s store leases, assets and e-commerce in the deal. Gap recently announced the sale of its kids brand Janie and Jack. And Gap signed Olympic gymnast Simone Biles, who is leaving Nike Inc.
NKE,
-1.50%

for an apparel partnership with the Athleta brand. Kanye West will also release a Yeezy collection in partnership with the Gap namesake brand. “The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta,” said Sally Gilligan, Gap’s head of strategy, in a statement. Gap stock fell nearly 3% in Tuesday trading, but is up more than 70% for the year to date. The benchmark S&P 500 index
SPX,
-1.11%

has gained 10.3% for 2021 so far.

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