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Gap Inc. said Tuesday it agreed to sell its Intermix designer clothing brand to the private equity firm Altamont Capital Partners, hoping to hone in on its four core brands.
Altamont will acquire the entire Intermix business, including its store leases and e-commerce operations. Intermix operates 31 U.S. stores. Financial terms weren’t disclosed.
Gap acquired Intermix in 2012 for roughly $130 million in cash. The business represented a little less than 1% of Gap’s 2020 sales of $13.8 billion, a Gap spokeswoman said.
She added that the deal isn’t expected to have a material impact on its margins.
In April, Gap sold Janie and Jack, a high-end children’s…