Walmart, on behalf of Jet.com, has acquired online retailer ModCloth, best known for its vintage-inspired clothing. Walmart had acquired Jet.com
The 15-year-old brand is known for its quirky, indie-inflected collection of clothes.
ModCloth was founded by high school sweethearts Susan Gregg Koger and Eric Koger in 2002 while both were studying at Carnegie Mellon. What started as a product of Susan’s finds in thrift stores turned into a $150 million revenue business by 2015, the company said that year.
Walmart had acquired fast-growing e-commerce site, Jet.com last year. The acquisition of ModCloth By jet.com is yet another indication of how fashion-focused Walmart is becoming.
According to the LA Times: The retailer in January bought Shoebuy, an apparel and accessories site for $70 million from IAC. The move was seen as a turning point for Walmart in terms of fashion, and the deal was aimed at Amazon, since Shoebuy is a direct competitor of the Amazon-owned e-tailer Zappos.
In February, Walmart on behalf of Jet.com bought Moosejaw for $51 million, a website selling apparel and footwear with an outdoor focus. This was followed by the acquisition of Hayneedle, a home furnishings and decor e-tailer.
