Go Global Retail to acquire ModCloth, a leading online specialty retailer of unique women's fashion(20:10 Hrs. IST)
Acquisition is strategic investment led by retail and consumer goods experts, Jeffery Streader and Christian Feuer
LOS ANGELES, Oct. 5, 2019 /PRNewswire/ --Â Go Global RetailÂ today announced plans to acquire the 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 ofÂ 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," stated 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.Â
"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.
About Go Global Retail
Founded in 2016, Go Global Retail is a brand investment platform for strategic investors in the consumer sector. Laser-focused on identifying attractive targets, investing appropriate capital and creating value for both investors and acquisitions, Go Global partners include Investment, Retail and Operational Executives working together to create a holistic approach to investing in the ever-evolving world of global retail. For additional information, visit https://www.goglobalretail.com/
ModCloth is a digitally native lifestyle brand committed to inspiring personal style and helping all women feel like the best version of themselves. ModCloth's lifestyle-driven assortment includes its signature line of feminine, vintage-inspired apparel, offered in a full range of sizes (XXS-4X) at price points with surprising value. Founded in a college dorm room by high school sweethearts Susan Gregg Koger and Eric Koger in 2002, ModCloth has since grown to offices in Los Angeles and Pittsburgh. Additional information about ModCloth can be foundÂ at https://www.modcloth.com/
SOURCE Go Global Retail