The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Wal-Mart says it bought trendy online clothing seller ModCloth.
The company declined to specify the price on the deal that closed Friday, saying only that it was in the same range as its previous two purchases of online businesses. Those were $51 million and $70 million.
Wal-Mart has been making a big push to pick up smaller online brands as it tries to make headway against Amazon. It spent more than $3 billion for upstart Jet.com last year. Since that time it has purchased other smaller companies, including online footwear retailer ShoeBuy.com and the outdoor gear seller Moosejaw.
But winning over ModCloth's customers, who are fans of its vintage-inspired patterned dresses and inclusive sizing, may be a challenge. Many devoted shoppers have expressed sharp disappointment on social media.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.