8 hours ago | By Sandra Halliday
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It was announced this week that US retail corporation Walmart, has bought online fashion retailer ModCloth for an unknown sum, but believed to be for around $60m.
Walmart said ModCloth will continue to operate independently and as a complementary brand to its other e-commerce sites. It will bring experience and talent to strengthening the retail giant’s fashion business aimed at Millennials, it also noted.
Independent designers who sell on ModCloth’s site, it said, will gain the opportunity to expand their reach.
ModCloth CEO Matthew Kaness, the executive team and 300-plus employees will continue to be based in San Francisco, Los Angeles and Pittsburgh, but will come under the umbrella of Walmart’s US e-commerce portfolio.
The women’s clothing and accessories retailer, which offers a wide selection of sizes, has one brick and mortar store in Austin, Texas.
Wal-Mart spent more than $3bn on buying start up Jet.com last year and has purchased other smaller companies, including online footwear retailer ShoeBuy.com and the outdoor gear seller Moosejaw.
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