Gap to acquire Athleta - sportstextiles: Lea SportsTextiles

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Gap to acquire Athleta

23/09/2008
Gap Inc. is to acquire California-based sports and active apparel company Athleta Inc for approximately $150 million in cash. The acquisition will enable Gap Inc to increase its presence in the growing $31 billion women’s active apparel sector in the US. Athleta’s products will be sold online alongside those from Gap, Banana Republic, Old Navy and Piperlime.

Gap chairman and CEO, Glenn Murphy, says: “This strategic acquisition complements our brands perfectly and allows us to leverage our new online platform to expand into this significant retail sector.”
Founded 10 years ago, Athleta offers high quality apparel for a variety of sports, including yoga, running, skiing, snowboarding and surfing. Customers can purchase Athleta product online or through the company’s catalogue.

Joe Teno, Athleta’s current CEO, will continue as president of the brand at Gap Inc upon the completion of the deal. He will report to Toby Lenk, president of the Gap Inc Direct division.

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