Intermix Said to Have a Buyer: Regent L.P.
Regent's investments include Club Monaco, Escada, DiamondBack, La Senza, Sassoon, and Lillian Vernon, among others.
Intermix, the 30-unit multi-brand specialty store, appears to be on the verge of being sold.
According to sources, Regent, L.P., the Beverly Hills, California, private equity firm, has signed a deal to acquire Intermix from Altamont Capital Partners, the Palo Alto-based private equity firm. Regent’s investments include Club Monaco, Escada, DiamondBack, La Senza, Sassoon, Lillian Vernon, Plainville Farms, and Sunset Magazine, among other brands.
Officials at Regent and Altamont Capital Partners couldn’t be reached for comment Wednesday night. A spokeswoman for Intermix didn’t return an e-mail seeking comment.
Sources said that 60 Intermix employees have been laid off. As reported last month, Intermix had paused all payments to vendors.
According to sources, Regent had competed against another bid from Intermix co-founder Haro Keledjian and his ex-wife, Sari Sloane (former fashion director of Intermix), who are business partners in The Westside and Everafter, who were putting together a pool of investors to acquire Intermix.
Sources indicate that Regent looks to expand the retail chain, run it more efficiently, and invest more in their direct-to-consumer channel, leveraging their e-commerce expertise.
Last month, when rumors were flying that Intermix was in financial trouble, the company said it was “exploring several options to navigate the challenging retail and economic environment in an effort to strengthen the company’s long-term position. The company is confident in its path forward.”
Intermix has been faced with too much inventory, a slowdown in sales, improperly budgeting for overall expenses, and a highly competitive and challenging retail environment. The retailer’s transition to a stand-alone company after being owned by The Gap Inc. has been a difficult road. In May 2021, The Gap sold Intermix to Altamont Capital Partners, which included all store leases, e-commerce and assets, for an undisclosed sum. Intermix had accounted for less than 1 percent of Gap Inc’s sales. The Gap had acquired Intermix for $130 million in 2012.
Last month, Karen Katz, the interim chief executive officer of Intermix, stepped down and was succeeded immediately by James Rushing, the interim chief financial officer. Rushing was named interim CEO. Katz had been in the role since June 7, and remained on the board, which she joined in April. She couldn’t be reached for comment Wednesday. Katz had taken over from Jyothi Rao, CEO, who resigned for personal reasons last spring after eight years in the role. She had succeeded Intermix co-founders Khajak Keledjian and his brother Haro in leading the company.
Altamont Capital’s portfolio includes such brands as Planet Fitness, Billabong and Brixton.
Among the contemporary and designer brands that are sold at Intermix are Ulla Johnson, Frame, Jimmy Cho, Altuzarra, A.L.C., Ganni, Ronny Kobo, Veronica Beard, L’Agence, Mackage, Missoni, Proenza Schouler, Re/Done, Cinq a Sept, Jonathan Simkhai, Farm Rio, and LaQuan Smith.
In May 2021, Ralph Lauren sold Club Monaco to Regent, L.P. Since its inception, Regent has successfully acquired businesses from leading Fortune 500 and large-cap companies around the globe and deploys its strategic operational expertise to fuel growth. Its portfolio includes companies in retail, media, and technology.