Modcloth seems to be all over the place lately and we are just plain heartbroken.
First, Jezebel reported yesterday that the independent retailer had been sold to Jet.com, which happens to be owned by Walmart. This had us clutching our pearls at the PMM offices.
Modcloth is known as a hip, diverse retailer that has been hailed as a company that cares about its customer and women’s issues overall. So it being sold to Jet.com and owned by Walmart has us wondering what direction the company will go in now.
Some Modcloth employees leaked the news to Jezebel, stating that the news will break on Friday, 3/17.
“Modcloth employees were gathered this morning for an all-hands meeting, a recording of which was provided to Jezebel. CEO Matthew Kaness told the room that the company had been acquired by Jet.com, prompting an immediate, audible rustle of dismay from people in the room who understood who their parent company is: Jet, an online shopping site for household goods, was acquired by Walmart in August.
‘This is news that hasn’t been shared with the public yet,’ Kaness added. ‘I ask that we keep this within the company, as we usually do.’ The news is set to be announced publicly on Friday. The actual closing of the deal is set for Thursday.”
WOW! I guess we will have to wait and see what happens on this front.
It just seems odd to launch a body positive campaign and a collection in the midst of being sold (if that is true). We just hope that company maintains its belief in #StyleForAll because they are so needed in the fashion industry right now.
What’s going on with Modcloth? We’d really like to know.