"ModCloth is an amazing brand poised for growth," says Jeff Streader, managing partner, Go Global Retail, previous owner, ModCloth. "We feel very good about the progress at ModCloth since our January 2020 acquisition of the brand from Walmart and are excited to see its momentum continue with Nogin."
The company purchased the brand for an undisclosed sum from Go Global Retail. This adds to ModCloth’s arsenal, which currently includes companies like Honeywell, Hurley, Bebe, Lululemon, True Religion, Yeezy and recently, Charming Charlie.
“We have a huge advantage of being able to get brands to be world-class and profitable within 90 days of putting them on our platform,” says Jan-Christopher Nugent, chief executive officer, Nogin. “It's what we have always done. Investing where we see great potential
Nogin plans to reinvigorate the brand’s ecommerce operations using its platform, Intelligent Commerce Solutions.
“We are truly excited to bring ModCloth into our fold,” says Geoffrey Van Haeren, president and chief technology officer, Nogin. “The shift to online is massive and we love delivering our Intelligent Commerce and innovations to brands that are not equipped for the unique demands of ecommerce. To date, this strategy has driven consistent exponential results.”
The company has retained approximately 55 ModCloth employees and kept the leadership constant, with chief marketing officer Mary Jimenez named chief executive officer. She will be joined by members of the brand's buying/brand/design/merchandising, logistics, tech/development/IT, accounting and HR teams who will be based in Nogin's Tustin, Calif. headquarters, as well as customer service representatives in ModCloth's Pittsburgh, Pa. call center.
Tiger Finance provided acquisition financing and Tiger Valuation Services is providing inventory analytics support.
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