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| VIEW EVENT INFORMATION: Walmart |
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Walmart Has Acquired Womenswear Site ModCloth |
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About the organization Walmart:
Type: Business
Sub-Types: Store, Retailing Agent, Chain, Shop, Website, Internet, E-Commerce, Online Store, Application Software, Finance |
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Notable Organizations: Walmart, Techcrunch
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| Some more consolidation in the world of online fashion and e-commerce. Today Walmart announced it has acquired ModCloth, a womenswear retailer that focuses on a younger, progressive demographic and a healthier range of sizes beyond the too-often-emphasized tall, rail-thin look. Today’s news confirms reports on the acquisition from us and others earlier this week.
Earlier reports said Jet.com, a Walmart subsidiary, led the acquisition. Walmart’s statement doesn’t note this fact, but a note from Susan Koger, ModCloth’s co-founder, does mention Jet.com: “I am excited to announce that we are joining the Jet.com and Walmart family,” she writes in a blog post.
Walmart and Koger both note that the ModCloth team will continue to operate its site and store as a standalone and complementary brand to its other e-commerce sites. In addition, ModCloth CEO Matthew Kaness, his executive team and ModCloth’s more than 300 employees will continue to be based in San Francisco, Los Angeles and Pittsburgh, and will join Walmart’s U.S. e-commerce retail organization, the company said.
The terms of the deal have not been disclosed, beyond Walmart telling us it was an all-cash acquisition that was “along the same lines” as its two previous deals for ShoeBuy ($70 million and Moosejaw ($51 million).
As we noted in our earlier reporting, more than one source very close to the deal told us that it’s no more than between $50 million and $75 million, and Walmart’s “ballpark” figure appears to confirm this. |
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