Gap to buy activewear brand Athleta |
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| Tuesday, 23 September 2008 | |
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Gap Inc. announced the planned acquisition of Athleta Inc., a popular women's sports and active apparel company for about
$150 million in cash. The acquisition will allow Gap Inc. to enhance its presence in the growing $31 billion women's active apparel sector in the United States.
Following the acquisition, Athleta will become the "fifth tab" on Gap's online platform, called Universality, which allows shoppers to browse and buy from all of the company's brands in one shopping cart with a single shipping fee. Athleta's products will be ultimately sold online alongside those from Gap, Banana Republic, Old Navy and Piperlime. Founded 10 years ago and based in based in Petaluma, California, Athleta has evolved into a lifestyle brand that offers apparel for a variety of sports, including yoga, running, skiing, snowboarding and surfing through its catalogues and internet site. Customers can purchase Athleta product online or through the company's catalog. "We're thrilled to become part of this great company and to have found a partner that supports our vision for Athleta," said Joe Teno, the current CEO of Athleta. |
