Walmart nabs another big online player
Walmart is trying to close the gap with Amazon by adding another big online retailer to its portfolio.
According to jezebel.com, Walmart has inked a deal with Modcloth, an eclectic women's fashion brand known for serving curvy customers.
The acquisition is the latest in a spate of purchases by Walmart.Last year the company acquired Jet.com for $3.3 billion. Shortly after, Jet purchased Shoebuy for $70 million. And last month, Walmart grabbed outdoor apparel retailer Moosejaw for $51 million.
The acquisition strategy opens Walmart up to a new set of shoppers. Jet's typical customer, for example, is younger, more urban and more affluent than a traditional Walmart shopper. The same is true for Moosejaw and Modcloth.
Modcloth sells merchandise from independent designers. The company had previously raised nearly $79 million in seven rounds of funding, according to Crunchbase.