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Gap Inc. announced Thursday that it bought luxury women’s apparel and accessories retailer Intermix on the last day of 2012 for $130 million in cash.
Intermix has 32 boutique stores in North America and an e-commerce site that allows it to sell brands from designers such as Yves Saint Laurent, Brian Atwood and Jimmy Choo.
“Intermix has a distinctive position in this growing market with clear competitive advantage,” Gap CEO Glenn Murphy said in a news release announcing the move. “Their record of merchandising with a keen eye towards mixing multiple designer labels, complemented with exclusive product, is appealing to their loyal customers.”