Wal-Mart Is About To Scoop Up Another Online Retailer
Wal-Mart will reportedly scoop up another online retailer. According to Jezebel fashion blog, Jet.com on Thursday will ink a deal with Modcloth, an eclectic women’s fashion brand known for serving curvy customers. Jezebel obtained a recording of Modcloth CEO Matthew Kaness telling employees about the deal, which will be announced publicly on Friday, the publication said. A spokesman for Wal-Mart, Jet’s parent, declined to comment on the story. A representative for Modcloth did not respond to CNBC’s request for comment. Yet if a deal for the were to go through, it would be the latest in a spate of purchases by Wal-Mart. In a bid to close the gap with Amazon, the world’s largest retailer began its buying spree with the $3.3 billion acquisition of Jet last year. Shortly after, Jet purchased Shoebuy for $70 million. And last month, Wal-Mart snapped up outdoor apparel retailer Moosejaw for $51 million. “Assortment is driving a lot of these acquisitions,” CEO Doug McMillon said at the Bank of America Merrill Lynch Consumer & Retail Technology Conference Tuesday. Read more at CNBC.
