Gap buys luxury retailer Intermix

Gap, the US clothing giant which also owns Banana Republic and Old Navy, revealed yesterday it is tapping into the luxury market with the $130m (£80m) acquisition of women’s fashion boutique Intermix. The business sells clothes and accessories brands such as Yves Saint Laurent and Jimmy Choo via its 32 stores in the US and its website. The deal is the latest by Gap following its purchase of women’s active apparel brand Athleta in 2008.