Walmart Acquires Online Women’s Clothing Retailer ModCloth
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.