American fashion group Gap Inc. Announced on Tuesday that it has signed a sales contract for the company. mixture A womenswear brand for Altamont Capital Partners, a private equity fund that promotes portfolio rationalization efforts.
According to the company, Altamont will acquire the entire Intermix business, including all store leasing, e-commerce and assets. The brand currently operates 31 stores and a dedicated e-commerce platform in the United States.
The announcement of the transaction Janie and Jack Kidswear brand Gap for sale We will move to global retail in April. The deal is part of the company’s San Francisco-based Plan 2023 strategy, and the group plans to streamline its business so it can focus on growing top-performing lifestyle brands, including the Gap label of the same name. is. Old navy, Banana Republic And Athleta.
In the release, Gap’s strategic director, Sally Gilligan, said, “We drive long-term, profitable growth for our shareholders and employees, while at the same time giving our customers a large scale of unique products and experiences. We are working to provide it to you. ” “The planned sale of Johnny and Jack and the planned deal of Intermix show how they prioritize the strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta. I am. “
Gap acquired Intermix in 2012 for about $ 30 million. According to a spokeswoman for the company quoted by CNBC, the brand was less than 1% of the Group’s total annual sales of $ 13.8 billion in 2020.
BofA Securities, Inc. Was Gap’s financial adviser to the deal with Altamont. The financial terms of the contract have not been disclosed.
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Gap continues to slim down its portfolio with Intermix sales
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