Gap Inc. Acquires INTERMIX

  Gap Inc. Acquires INTERMIX

             Deal Creates Additional Opportunity for Gap Inc. to
                Compete in Growing Global Luxury Retail Market

Business Wire

SAN FRANCISCO -- January 3, 2013

Gap Inc. (NYSE: GPS) today announced it has acquired INTERMIX Holdco Inc., a
multi-brand specialty retailer of luxury and contemporary women’s apparel and
accessories, based in New York.

INTERMIX operates 32 boutiques across North America, along with an e-commerce
site, offering a mix of luxury brands including up-and-coming designers for
customers seeking elevated fashion. Gap Inc. sees an opportunity to expand
INTERMIX’s unique network of stores, as well as add significant visibility and
enhancements to its online site.

“INTERMIX has a distinctive position in this growing market with clear
competitive advantage,” said Glenn Murphy, chairman and CEO of Gap Inc. “Their
record of merchandising with a keen eye towards mixing multiple designer
labels, complemented with exclusive product, is appealing to their loyal
customers. This strategy reflects the strength of their brand vision and
leadership team.”

This acquisition extends Gap Inc.’s portfolio of brands, building upon the
success of the company’s acquisition of Athleta in 2008 and the multi-brand,
premium product offering at Piperlime. With Gap Inc.’s guidance over the past
four years, Athleta has grown from its origins as a catalog business to expand
through a strong e-commerce platform and brick and mortar presence, with about
35 retail stores opened in the past two years.

“We’re thrilled to have found a partner that has the global scale and
infrastructure required to support our vision for growth,” said Khajak
Keledjian, co-founder of INTERMIX. “Gap Inc. shares many of our
entrepreneurial roots, passion for innovation and customer experience.
Together, we’ll continue to shape the future of retail by offering the most
exciting fashion trends with the finest designers in the world.”

INTERMIX will continue to operate under the leadership of Keledjian, in the
role of chief creative officer, and Adrienne Lazarus, president, both of whom
will continue to be based in New York. They will report to Art Peck, president
of Gap Inc.’s Growth, Innovation & Digital (GID) division.

The transaction was completed on December 31, 2012, with Gap Inc. purchasing
INTERMIX Holdco Inc. for approximately $130 million in cash.

About Gap Inc.

Gap Inc. is a leading global specialty retailer offering clothing,
accessories, and personal care products for men, women, children, and babies
under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands.
Fiscal year 2011 net sales were $14.5 billion. Gap Inc. products are available
for purchase in about 90 countries worldwide through about 3,000
company-operated stores, over 300 franchise stores, and e-commerce sites. For
more information, please visit


Gap Inc.
Investor Relations:
Katrina O’Connell, 415-427-2832
Media Relations:
Emily Russel, 415-427-6230
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