Report: Walmart to acquire another online retailer

A fashion blog is reporting that Walmart will acquire an online fashion brand known for its eclectic and quirky styles.
 
Walmart’s Jet.com division will acquire Modcloth, reported CNBC, which cited the Jezebel fashion blog. The report comes on the heels of Walmart’s acquisition in February of online outdoor apparel brand Moosejaw.
   
Jezebel obtained a recording of Modcloth CEO Matthew Kaness telling employees about the deal, which is due to formally announced on Friday, the report said
 
Modcloth was founded in 2002 and sells its own branded merchandise along with items from independent designers. The brand has made several forays into the physical space, including pop-ups. 
 
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