Jet.com, a subsidiary of Walmart is all set to acquire ModCloth, a fashion brand known for its inclusive and playful perspective on fashion. The details of the deal are yet to be announced. It is assumed that company may have sealed it between US $ 50 million and US $ 75 million.
Jet.com is planning to target young customers through ModCloth as it has large number of millennial shoppers from this section only. ModCloth is a brand with indie cred. The company carries plus sizes and has a unique approach to fashion that mirrors its founders’ fondness for vintage goods.
This deal is seen as the retailer’s overall strategy to grow digital sales and grow their customer base. Before this, Walmart recently acquired Shoebuy.com and Moosejaw.