Former Intermix Leaders Said Now Consulting for Intermix
Changes keep coming at Intermix, the multibrand retailer, which was sold last fall to Regent L.P., a Los Angeles-based private equity firm.
According to sources, Haro Keledjian, a cofounder of Intermix, and Sari Sloane, former fashion director at Intermix, are consulting to try and help the business regain its stature and are meeting with vendors to keep them on board.
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Keledjian and Sloane are the founders and owners of The Westside, a California-inspired boutique featuring contemporary womenswear, accessories, apothecary and home goods, and Ever After, a retailer that offers trendy designer clothes for kids.
Neither Sloane nor Keledjian returned phone calls seeking comment. Sources indicated Sloane has been in the market meeting with vendors and Keledjian is doing more operational work and talking to landlords about leases.
Neither Intermix nor Regent officials would comment.
Market sources noted that Regent, which has no connections to the designer and contemporary sportswear market, is looking for Keledjian and Sloane to get in front of the vendor community to calm them down and talk about the future of the business. One source indicated the retailer is looking to offer a tighter edit and go in a more sophisticated direction.
Sources indicated that Intermix is selectively paying vendors, and asking them to take reduced payments. Some vendors haven’t been paid yet on last fall’s merchandise, when they should have been paid in October, and have decided to discontinue business with them, sources said.
“For smaller designers, you can’t take a chance and not get paid,” said one executive, who questioned why Regent would buy Intermix if they don’t plan to put money into the company.
Gary Wassner, chief executive officer of Hilldun Corp., which factors many of Intermix’s brands, said, “We paid all our clients and we began approving new orders for Intermix. I’m waiting for Intermix to come back to us with a broader plan for moving forward.”
“In my opinion, we need specialty stores like Intermix. I’d be very disappointed if they chose not to continue it as an ongoing entity,” Wassner said.
Meanwhile, one vendor told WWD that things were going well for his company at Intermix.
“We are now shipping and performing extremely well in their stores,” said Jeff Rudes, CEO of L’Agence. “Great numbers and great profitability,” he said.
Intermix was founded in 1993 by Khajak and Haro Keledjian and was sold to Gap Inc. for $130 million in 2012. In 2021, it was acquired by Altamont Capital Partners, and in late 2022, it was sold to Regent LP, which acquired the entire Intermix business, including all assets, stores and e-commerce.
While Intermix has a national footprint of 28 boutiques, sources said the company plans to reduce the number of stores. In fact, the Intermix in Manhasset, New York, has closed, and will reopen in April as a Club Monaco, another Regent investment.
In addition to Intermix and Club Monaco, Regent’s investments include Escada, DIM Brands, DryBar DiamondBack, Redline, La Senza, Brands4Friends, Plainville Farms, Sassoon, Sunset Magazine, Lillian Vernon, HistoryNet and Sightline.
Since the acquisition, many Intermix employees in various departments have left. As reported, Divya Mathur, who was chief merchant of Intermix, stepped down in December. She had been in the role since January 2020.
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