Walmart Acquires Online Women’s Clothing Retailer ModCloth
acquired Modcloth, an online women’s fashion retailer, the company announced Friday.
The deal, which closed Friday and included both assets and operations, was part of an effort to increase Walmart’s e-commerce footprint, the company said in a statement. The good will be sold on Jet.com, an e-commerce site owned by Walmart.
“As we continue to grow our e-commerce presence, Walmart has acquired the assets and operations of ModCloth, one of the top online specialty retailers of unique women's fashion and accessories,” Walmart said in a statement.
ModCloth, which has more than 300 employees, will continue to be based in San Francisco, Los Angeles and Pittsburgh, but will join the Walmart e-commerce retail organization.
Due to the acquisition, designers selling on ModCloth will now have an opportunity to expand their client base through Walmart’s e-commerce sites, the company said.
ModCloth was founded in 2002 in a college dorm room by Susan Gregg Koger and Eric Koger, according to the company’s website.
See original article on Fortune.com
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