Modcloth, the US online retailer of indie and vintage-inspired women’s apparels, gets a new owner.
Sold for the second time in as many years, the American e-tailer has been acquired by e-commerce firm Nogin from Go Global Retail for a sum that hasn’t been revealed as yet.
Back in 2019, Go Global Retail had bought Modcloth from Walmart with the intent to expand the e-tailer globally.
The new owner Nogin has, meanwhile, said that it will retain 55 of Modcloth’s employees.
Another notable decision taken by Nogin is that the brand will be based in Tustin California, while customer service operations will continue at Pittsburgh centre.
Modcloth’s underperformance during the pandemic phase was one of the factors that compelled Go Global Retail to sell the brand.
More on the same, Jeff Streader, CEO, Go Global Retail, said that selling Modcloth was not planned, but when Nogin approached Go Global Retail, it was a good opportunity for all involved.
Jeff added that Modcloth’s acquisition by Nogin means that the former is in a good place.
Started as ‘Branded Online’, Nogin has, reportedly, provided commerce solutions to many brands that include Bebe, Honeywell, Hurley, Lululemon, True Religion, Yeezy and Charming Charlie.