Gap Group said on Tuesday that it had reached an agreement with Altamont Capital, which will also acquire all the business of the group’s high-end clothing brand Intermix, including store assets, e-commerce business, etc., but did not disclose the specific transaction price.
Intermis was acquired by Gap Group in 2019 and currently operates 31 stores.
In March this year, Gap sold its children’s clothing brand Janie and Jack to the brand investment company Go Global Retail.
Janie and Jack was founded in 2002 and was bought by Gap Group for US$35 million in 2019. However, Gap Group has adjusted its development strategy in recent years, and Janie and Jack have received correspondingly less attention.
At present, Janie and Jack has a total of 115 stores. Go Global Retail plans to accelerate its global expansion after the acquisition.
Gap has already begun to withdraw its stores in the Chinese market. Previously, Gap withdrew its Old Navy brand from the Chinese market last year after canceling plans to spin off the brand.
It is reported that Old Navy is currently the largest brand of Gap Group. In 2020, Old Navy’s revenue of US$7.536 billion was 2.2 times that of Gap brand’s US$3.388 billion, accounting for 54% of the group’s overall revenue. .
On March 9, the fast fashion giant Gap Group may sell the Chinese business of its eponymous brand. It is reported that Gap Group is making strategic adjustments and may sell its Chinese business. District business, has begun engaging with potential buyers to gauge acquisition interest. </p