Walmart buys online seller ModCloth
Getty/Scott Olson(NEW YORK) – In an effort to keep up Amazon.com, Walmart has bought online clothing seller ModCloth on Friday. The deal is believed to be in the $51 to $71 million range.
Founded in 2002, ModCloth has developed a loyal customer base who enjoy the vintage style patterned dresses and inclusive sizing. Walmart is hoping this move will bring these young shoppers to the brand.
In a blog post, ModCloth co-founder Susan Gregg Koger said that the move “will give us the necessary resources and support that we need as a business to grow. Growth allows us to reach more women, grow our community, and amplify our message. Our mission to help our customers feel like the best version of themselves continues. And our commitment to inclusivity continues. Our amazing team continues. And we can open more stores — in your hometown! I hope you will continue to join us as well on this next phase of our journey together.”
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