Walmart has sold ModCloth to Go Global Retail as the company looks to consolidate online operations.
Go Global indicated that it would continue to operate the online women’s fashion and accessories business using its current operational organization. The brand investment platform said it will bolster ModCloth’s digital capabilities including artificial intelligence and predictive analytics.
ModCloth sells exclusive indie and vintage-inspired women’s clothing, shoes, handbags and accessories for 18 to 35 year old shoppers, the company noted. As a freestanding, independent fashion brand, Go Global added, ModCloth will continue focusing on its core customers and champion inclusivity using a community approach that celebrates the stories of its clientele and offers a full range of sizes.
Ashley Hubka, Walmart svp/corporate strategy, development and partnerships, said, “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.