In a bid to attract younger and more affluent shoppers (and most likely compete with Amazon), Walmart bought ModCloth, a trendy retailer of indie and vintage-inspired women’s clothing.
This is not the first time for Walmart to purchase smaller companies. Last year, the company already bought Jet.com, Shoebuy.com and Moosejaw.
Walmart didn’t disclose how much the company spent for this deal with ModCloth but said that it’s the same range with the previous two purchases, which is around $51-$70 million dollars.
Keeping up with the demands of the fashion industry is no joke but unlike Walmart, Amazon is surprisingly winning it.
According to reports, Millennials buy more clothes on Amazon than any other website. Amazon has the most apparel sales in 2016 for shoppers between the ages of 18-34.
“The e-commerce giant accounted for nearly 17 percent of all online clothing sales to this demographic last year, more than doubling the market share of the No. 2 seller, Nordstrom.” (Recode)
Way to go Amazon.