Gap Inc. has reached an agreement to purchase Athleta Inc., a cataloger and online marketer of women’s apparel. The pricetag will be roughly $150 million in cash.
Athleta specializes in women’s apparel for a variety of sports, including running, skiing, snowboarding, surfing and yoga.
The current CEO of Athleta Joe Teno will remain with the company with a new title, president of Athleta at Gap Inc., upon completion of the deal. Petaluma, CA-based Athleta has about 250 employees.
The acquisition, according to Gap, will serve to enhance its position in the $31 billion women’s active apparel market.
Athleta’s products will ultimately be sold online along those from Gap and Banana Republic, Old Navy and Piperlime.
“This strategic acquisition complements our brands perfectly and allows us to leverage our new online platform to expand in the retail sector,” said in a statement Glenn Murphy, chairman and CEO of Gap.
Athleta has a customer list that exceeds 400,000, including more than 300,000 buyers from the last 12 months. Its average customer is 42 years old and has a $75,000 income.
Gap Inc. has reached an agreement to purchase Athleta Inc., a cataloger and online marketer of women’s apparel. The pricetag will be roughly $150 million in cash.
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