Walmart has today announced that it has acquired ModCloth, an online retailer site which focuses on indie and vintage style fashion for women’s. Both the companies have declined to comment on the deal price, but as per the reports it was between $50 to $75 million dollars.
ModCloth founder Susan Gregg Koger, wrote in his blog “Today is the beginning of the next stage of ModCloth journey and We are happy to announce that we are joining the Jet.com and Walmart family.”
“This will give us the necessary resources and support that we need to grow our business. Growth allows us to attract more women, expand our community and strengthen our message. Our mission is to help our customers feel like the best version of themselves, and our commitment to inclusiveness continues, and our wonderful team continues and we can open more stores – in your hometown! I hope that you will continue to be together with us and at the next stage of our journey together,” Susan added.
ModCloth will maintain its own website, as well as shop IRL in Austin, Texas in United States. In an e-mail Walmart said “ModCloth Employees will bring its considerable experience and unique talents in our efforts to e-commerce in the United States.”