Multinational clothing retailer Gap has agreed to divest its omnichannel fashion boutique Intermix to private equity firm Altamont Capital Partners.
The financial terms of the deal have not been disclosed.
Altamont Capital Partners plans to take over the complete Intermix business, which includes all store leases, its e-commerce platform and assets.
The brand operates 31 stores in the US and has an online presence.
BofA Securities, a subsidiary of Bank of America, served as exclusive financial advisor to Gap for the transaction.
Gap strategy head Sally Gilligan said: “We are committed to driving long-term, profitable growth for our shareholders and employees while delivering unique product and experiences for our customers at scale.
“The sale of Janie and Jack and planned the transaction of Intermix demonstrate how we are prioritising our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta.”
In 2012, Gap acquired Intermix for around $130m in cash.
The divesture is part of the company’s Power Plan 2023, which focuses on accelerating its purpose-led lifestyle brands’ growth with the help of its portfolio and platform.
Last month, Gap closed the sale of its premium children’s apparel and accessories brand Janie and Jack to Go Global Retail.
The company hopes these divestitures will allow it to focus on its stronger-performing brands, including Athleta and Old Navy.
Last January, Gap dropped its plans to separate its Old Navy brand into a standalone public company.
The company decided not to spin off the brand after a recent decline in Old Navy sales, according to CNN.