- Robyn Turk |
Go Global Retail has announced plans to acquire the assets of ModCloth, which had previously been owned by Walmart. Modcloth is a digitally native womenwear and accessories retailer, offering indie and vintage-inspired styles.
"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." Ashley Hubka, senior vice president of corporate strategy, development and partnerships at Walmart, said in a statement.
ModCloth will continue to operate out of its current operational set up under the ownership of Go Global Retail. It will also continue to focus on its same core customers and values of female empowerment and inclusivity.
Go Global Retail will invest in ModCloth's digital capabilities including artificial intelligence and predictive analytics. The three-year-old company follows a laser-focused approach towards investing appropriate capital and creating value for both investors and acquisitions.
"We believe that together with current management, ModCloth has the ability to become a stronger player in the premium fashion market, nationally as well as internationally," stated Go Global's managing director, Jeff Streader. "Our team of experienced retail and brand practitioners will supplement existing management in areas of digital strategy, supply chain and operations," added Christian Feuer of Go Global.