Wal-Mart Acquires Women's Fashion And Accessories Retailer ModCloth

By Tonya Garcia Markets MarketWatch Pulse

Wal-Mart Stores Inc. confirmed Friday that it has acquired ModCloth, a women's clothing and accessories retailer that offers plus sizes. ModCloth will continue to operate its website and bricks-and-mortar store, located in Austin, Texas, as a complement to Wal-Mart's other e-commerce sites. In recent weeks, Wal-Mart has acquired other e-commerce sites, including Moosejaw, an outdoor retailer, and Shoebuy. ModCloth was founded in 2002 and had been headquartered in San Francisco since 2009, with offices in Los Angeles and Pittsburgh. ModCloth Chief Executive Matthew Kaness, along with his executive team, and more than 300 employees, will continue to run the business. Wal-Mart shares are up 0.3% in Friday trading, and 4.7% for the last year. The S&P 500 index is up 16.6% for the past 12 months, and the Dow Jones Industrial Average is up nearly 20% for the period.

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