Modcloth To Be Bought By Walmart-Owned Jet.com, Report Says

ModCloth, the online women’s retailer known for its versatile indie clothing, is being acquired by the Walmart-owned Jet.com, Jezebel reported Wednesday.

The news was revealed to ModCloth employees in an all-hands meeting, a recording of which was given Jezebel. The source told Jezebel the news would be announced officially Friday, a day after it closes, Jezebel said.

Jet.com, an e-commerce startup, recently acquired e-tailer companies like Shoebuy.com and Hayneedle. Jet.com itself was acquired by Walmart last August. ModCloth and Jet.com have not yet commented on the news.

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“This is news that hasn’t been shared by the public yet,” ModCloth CEO Matthew Kaness told employees in the recording obtained by Jezebel. “I ask that we keep this within the company, as we usually do.”

ModCloth, which was founded in 2002 by Eric Koger and Susan Gregg Koger, quickly became known for its vintage-style apparel, including dresses, footwear and swimwear. The e-commerce site also became a hub for its versatile styles and range of cuts and silhouettes for women of all sizes. The company even partnered with denim brand Wrangler to launch its Wrangler x ModCloth collection Monday. The seven-piece collection debuted in ModCloth’s full-size range, which runs from XS through 4X.

Jet.com was purchased by Walmart in August 2016, for about $3.3 billion, in addition to $300 million in shares. The acquisition was spurred by Walmart’s push to expand its e-commerce growth.

“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” Doug McMillon, Walmart Stores Inc.’s president and CEO, said in a statement announcing the Jet.com purchase. “Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time.”