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Go Global Retail to acquire ModCloth

10
Oct '19
Pic: Go Global Retail
Pic: Go Global Retail
Go Global Retail, a brand investment platform for strategic investors in the consumer sector, has announced plans to acquire assets of ModCloth, a digitally native retailer of unique women's fashion and accessories. Founded in 2002, ModCloth offers exclusive indie and vintage-inspired women's clothing, shoes, handbags and accessories for 18-35 year-old women.

Under Go Global, ModCloth will continue to operate out of its current operational set up. Go Global Retail will invest in ModCloth's digital capabilities including artificial intelligence and predictive analytics. As a freestanding, independent fashion brand, ModCloth will continue focusing on its core customers; championing values of female empowerment and inclusivity; and further serving their passionate buying community by celebrating their stories and offering a full range of sizes.

"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," said Go Global's 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.

"We believe that ModCloth's strong brand equity positions it for growth in the future," said Ashley Hubka, senior vice president of corporate strategy, development and partnerships at Walmart. "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."

Walmart acquired the assets and operations of ModCloth in March 2017 for an undisclosed amount. The Go Global deal is expected to close later this year.

Fibre2Fashion News Desk (PC)


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