Mar 15, 2017

Walmart said to acquire online women's retailer ModCloth

Jae C. Hong / AP

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.

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  1. Global: Total confirmed cases as of 10 p.m. ET: 1,202,236 — Total deaths: 64,703 — Total recoveries: 246,198Map.
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World coronavirus updates: Confirmed cases top 1.2 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The number of novel coronavirus cases surpassed 1.2 million worldwide Saturday night, as Spain overtook Italy as the country with the most infections outside the U.S. The global death toll has surpassed 64,700, per Johns Hopkins data.

The latest: The United Kingdom's Queen Elizabeth II will speak in a televised address on the coronavirus Sunday of the "disruption that has brought grief to some, financial difficulties to many, and enormous changes to the daily lives of us all," per the BBC. The U.K. death toll rose 708 to 4,313 on Saturday — the fourth highest in the world.

Go deeperArrowUpdated 2 hours ago - Health

U.S. coronavirus updates: Death toll surpasses 8,400

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the coronavirus surpassed 8,400 in the U.S. on Saturday, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day for the past four days, since April 1.

The big picture: President Trump said Saturday America's is facing its "toughest week, between this week and next week." Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said the U.S. should expect to see deaths continue to rise in this period.

Go deeperArrowUpdated 3 hours ago - Health