Walmart said to acquire online women's retailer ModCloth
Jet, a online division of Walmart, has acquired ModCloth, an online retailer of women's fashion known for its quirky vintage aesthetic, as Jezebel first reported.
Despite having been around for 15 years, ModCloth has reportedly struggled to make a profit and raise additional funding on top of the nearly $80 million it's raised in total. It's unclear how much Walmart paid for the company.
Why it matters: This latest acquisition is helping to paint a picture of Jet's—and by extension, Walmart's—strategy for online retail. Instead of building out every possible category in-house, Jet and Walmart are looking to cobble together specialized retailers with their own brands. Prior to its sale to Walmart in September, Jet acquired online furniture seller Hayneedle, and has since added shoe seller ShoeBuy and outdoor apparel retailer Moosejaw.