Troubled Intermix reportedly brought back former leaders – WWD
Change is constantly coming at Intermix, the multi-brand retailer that was sold last fall to Regent LP, a Los Angeles-based private equity firm.
According to sources, Haro Keledjian, a co-founder of Intermix, and Sari Sloane, former fashion director at Intermix, are consulting to try to help the company regain its stature and are meeting with vendors to keep them on board.
Keledjian and Sloane are the founders and owners of The Westside, a California-inspired boutique featuring contemporary women’s fashion, accessories, pharmacy and home goods, and Ever After, a retailer offering on-trend designer clothing for children.
Neither Sloane nor Keledjian returned calls for comment. Sources indicated that Sloane was at the market meeting with sellers and Keledjian is doing more operational work and speaking with landlords about leases.
Neither representatives of Intermix nor Regent wanted to comment.
Market sources noted that Regent, which has no ties to the designer and contemporary sportswear markets, is looking for Keledjian and Sloane to step in front of the seller community to reassure them and discuss the future of the business. A source said the retailer wants to offer a shortlist and go in a more sophisticated direction.
Sources indicated that Intermix selectively pays suppliers and asks them to accept reduced payments. Some sellers haven’t yet been paid for last fall’s goods when they should have been paid in October and have decided to stop doing business with them, sources said.
“Smaller designers can’t take risks and don’t get paid,” said one executive, who wondered why Regent would buy Intermix if they didn’t plan to put any money into the company.
Gary Wassner, Chief Executive Officer of Hilldun Corp., which accounts for many of Intermix’s brands, said, “We have paid all of our customers and started approving new orders for Intermix. I’m waiting for Intermix to come back to us with a more comprehensive plan for the future.”
“I think we need specialty stores like Intermix. I would be very disappointed if they chose not to continue it as an ongoing entity,” Wassner said.
Meanwhile, one supplier told WWD that things were going well for his company at Intermix.
“We deliver very well now and deliver very well in their stores,” said Jeff Rudes, CEO of L’Agence. “Big numbers and great profitability,” he said.
Intermix was founded in 1993 by Khajak and Haro Keledjian and sold to Gap Inc. in 2012 for $130 million. In 2021 it was acquired by Altamont Capital Partners and sold to Regent LP in late 2022, which acquired the entire Intermix business, including all assets, stores and e-commerce.
While Intermix has a national presence of 28 boutiques, sources said the company plans to reduce the number of stores. Indeed, the Intermix in Manhasset, New York has closed and will reopen in April as 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 takeover, many Intermix employees have left the company in various departments. As reported, Divya Mathur, Intermix’s Chief Commercial Officer, resigned in December. She has been in office since January 2020.
https://wwd.com/business-news/retail/intermix-consultant-trouble-orders-1235554931/ Troubled Intermix reportedly brought back former leaders – WWD