Walmart selling ModCloth
Bentonville, Ark.-based Walmart is looking to sell its ModCloth vintage-inspired women’s apparel retailer.
The company acquired ModCloth in March of 2017 in an effort to expand its brand portfolio and target younger, higher-income shoppers with brands not available on Amazon.
“I can confirm that Walmart has received outside interest from buyers for ModCloth,” Silvia Mazzucchelli, ModCloth’s CEO, told Glossy. “We are in the process of exploring potential opportunities.”
Modcloth has gone through a series of CEOs, with its current leader Mazzucchelli accepting the role in April. Under her watch, the retailer has launched Mod Outlet, a standalone e-commerce site. According to the Glossy report, the company has temporarily halted its plans in adding additional bricks-and-mortar stores to its current four locations.
“At the moment, we don’t have plans to expand and open new stores this year, because we are still tweaking and experimenting with the formula in the stores we currently have,” Mazzucchelli told Glossy. “Once we have the right formula, we will have a more comprehensive real estate strategy.”