March 17, 2017 - 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. Here are the key facts about the deal:
What was announced today?
We have acquired the assets and operations of ModCloth.
The deal closed on March 17, 2017.
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Who is ModCloth?
ModCloth is an online specialty retailer that offers unique designs and exclusive fashion, along with shoes, handbags and accessories, for 18-35-year-old women.
As one of the top specialty fashion sites with a strong social media presence and highly engaged community, ModCloth also operates one physical store in Austin, Texas, where customers can schedule one-on-one styling appointments with ModStylists®.
ModCloth is widely acclaimed as one of the most inclusive fashion brands in the industry, pioneering the promotion of size diversity, lifestyle inclusiveness and body positivity over the last decade.
ModCloth offers thousands of clothing and accessory items - including independent designers, national brands and ModCloth-designed private label apparel. The majority of apparel is offered in a full size range.
Founded in 2002 in Pittsburgh, ModCloth has been headquartered in San Francisco since 2009. Additional offices are located in Los Angeles and Pittsburgh.
How will ModCloth fit into our e-commerce business?
The ModCloth team will continue to operate its site and store as a standalone and complementary brand to our other e-commerce sites. The ModCloth team will bring their significant experience and unique talents to our U.S. e-commerce efforts and will further strengthen the collective capabilities of the overall team.
Apparel and accessories is the No. 1 category for digital commerce, according to comScore, and we gain the experience of a well-recognized specialty apparel e-commerce brand that's trusted by millions of millennial women.
ModCloth's catalog offers thousands of choices in clothing and accessories, including highly differentiated, exclusive styles and an extended range of sizes that appeal to a broad demographic of women. The compelling styling, branding and content currently available online, along with deep industry relationships and expertise, will help us further enhance our overall customer experience.
ModCloth CEO Matthew Kaness, his executive team, and ModCloth's 300-plus employees will continue to be based in San Francisco, Los Angeles and Pittsburgh, and will join our U.S. e-commerce retail organization.
Designers that sell on ModCloth who are interested in expanding their consumer reach will now have the opportunity to serve more customers through Jet.com and our other e-commerce sites.
Wal-Mart Stores Inc. published this content on 17 March 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 March 2017 19:17:14 UTC.