With financing provided by Tiger Capital Group, Los Angeles-based brand investment platform Go Global Retail has acquired digitally-native fashion retailer ModCloth from Walmart Stores, Inc. Go Global announced the move last October and closed on the acquisition on January 27. The company will ramp up ModCloth's competitiveness in the premium fashion market.
"Over the past few years, Tiger has increasingly focused on e-commerce asset-valuation, monetization and capital-infusion," said Bob DeAngelis, executive managing director at Tiger in a press release.With financing provided by Tiger Capital Group, Los Angeles-based brand investment platform Go Global Retail has acquired digitally-native fashion retailer ModCloth from Walmart Stores, Inc. Go Global announced the move last October and closed on the acquisition on January 27. The company will ramp up ModCloth's competitiveness in the premium fashion market.#
ModCloth has posted annual revenues of up to $150 million and enjoys strong brand equity among consumers, DeAngelis said. ModCloth sells indie and vintage-inspired women's clothing, shoes, handbags and accessories in the 18- to 35-year-old demographic.
Moving forward, Go Global will further invest in ModCloth's digital and supply-chain capabilities and gain new insights into its operations via artificial intelligence and predictive analytics, said Jeff Streader, managing director, Go Global Retail.
Fibre2Fashion News Desk (DS)
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