Walmart is selling fashion ecommerce site ModCloth, which it had acquired in March of 2017. It said at the time that the acquisition provided it with the experience of a well-recognized specialty apparel ecommerce brand that’s trusted by millions of millennial women.
It had also said that designers who sold on ModCloth would have the opportunity to serve more customers through Jet.com and Walmart’s other ecommerce sites.
On Friday, Go Global announced it was acquiring ModCloth for an undisclosed sum. Go Global is “a brand investment platform for strategic investors in the consumer sector.”
In 2016, Walmart ramped up its ecommerce strategy when it acquired Jet.com for approximately $3 billion in cash and $300 million of Walmart shares. It put Jet founder Marc Lore in charge of ecommerce for both Walmart.com and Jet.com, after which the company acquired Bonobos, Hayneedle, Modcloth, Moosejaw, and Shoes.com.
The Wall Street Journal reported on Friday that Walmart is looking to spin off Jetblack, its $50/month concierge shopping and delivery service for urban shoppers.