Big-box retailer Walmart announced this week that it is planning to sell its online women’s apparel brand ModCloth to Go Global Retail.
Terms of the deal have not been disclosed and a Walmart spokesperson declined to comment on the terms of the deal.
It was in March of 2017 that Walmart acquired the company which was founded in 2002 as a trendy apparel business. ModCloth has opened a handful of stores where customers can try on items but inventory can’t be taken home. Shoppers are then able to order them online, at no cost for shipping. ModCloth is also sold in high end department store chain Nordstrom.
Ashley Hubka, senior vice president of corporate strategy, development and partnerships at Walmart, stated on Friday: “We believe that ModCloth’s strong brand equity positions it for growth in the future. We feel good about the progress at ModCloth and believe that Go Global’s team and scale out strategy presents an attractive opportunity for the employees and customers of this beloved brand.”
The deal is expected to close later this year.
Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this