As Wal-Mart attempts to continue expanding its online retail presence, the company and Jet.com are making plans to acquire yet another online retailer.
The retail giant Wal-Mart is beginning to set its sites on online retail giants like Amazon in order to compete in the emerging online market. Because of this growing market, Wal-Mart is doing what it can to acquire as many online retailers as possible.
After acquiring Jet.com back in the fall of last year, Wal-Mart and Jet.com are reportedly in the process of acquiring Modcloth, according to Anna Merlan from Jezebel. For those who are unfamiliar with Modcloth, it is an online retail company that specializes in women’s fashion for all sizes.
Jezebel was able to get a hold of a recording from Modcloth CEO Matthew Kaness, who held a meeting for all employees to let them know that the acquisition was being made.
“This is news that hasn’t been shared with the public yet,” Kaness added according to Jezebel. “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.”
Wal-Mart continues to do whatever it takes to directly compete with Amazon in the online retail market, and that includes a significant amount of acquisitions. Once Modcloth is acquired, Wal-Mart will have bought out Jet.com, Modcloth, Shoebuy and Moosejaw since last year.
Don’t expect this to be the last acquisition that Wal-Mart makes, because they’ve been awfully aggressive as of late.