Walmart Inc. will sell its women's apparel and accessories brand ModCloth to Go Global Retail, the consumer sector-focused investment platform said Oct. 4.
Financial terms of the sale were not disclosed.
Go Global Retail said it will invest in ModCloth's digital capabilities including artificial intelligence and predictive analytics. The women's fashion and accessories brand will continue to operate out of its current operational setup.
"Our team of experienced retail and brand practitioners will supplement existing management in areas of digital strategy, supply chain and operations," Christian Feuer of Go Global said.
The transaction is expected to close later in 2019.
The move comes after it was reported that the U.S. retail giant had been exploring a sale of the vintage-style clothing brand to cut losses from its e-commerce business.
Walmart bought ModCloth in 2017 for an undisclosed amount.
