NEW YORK, Feb. 20, 2020 /PRNewswire/ -- With acquisition financing provided by Tiger Capital Group, the brand-investment platform Go Global Retail has completed its purchase of digitally native fashion retailer ModCloth from Walmart Stores, Inc.
Go Global announced the move this past October and closed on the acquisition on Jan. 27. Tiger's cash infusion enabled the Los Angeles-based company to move forward with its strategy of ramping up ModCloth's competitiveness in the premium fashion market, said Bob DeAngelis, Executive Managing Director at Tiger.
"Over the past few years, Tiger has increasingly focused on e-commerce asset-valuation, monetization and capital-infusion," DeAngelis said. "We saw yet-another strong opportunity in Go Global's acquisition of ModCloth—a digitally native retailer that has posted annual revenues of up to $150 million and that enjoys strong brand equity among consumers."
ModCloth sells indie and vintage-inspired women's clothing, shoes, handbags and accessories in the 18- to 35-year-old demographic. Moving forward, Go Global will further invest in ModCloth's digital and supply-chain capabilities and gain new insights into its operations via AI and predictive analytics, said Jeff Streader, Managing Director, Go Global Retail.
"We were pleased to partner with Tiger Group on this strategic e-commerce transaction and are enthusiastic about ModCloth's future as a freestanding, independent fashion brand," Streader added. "ModCloth is known for its strong commitment to its core customers and for championing values of female-empowerment and inclusivity. At Go Global, we're confident in ModCloth's potential for robust national and international growth."
"As with traditional brick-and-mortar retailing, businesses involved in e-commerce need to constantly review their assets in the context of their go-forward strategies," said Tiger Managing Director Andrew Babcock. "That could mean acquiring or selling e-commerce brands or selectively liquidating online inventories. At Tiger, our book of e-commerce business is growing quickly. We continue to build valuable expertise in this space."
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SOURCE Tiger Capital Group