Nogin Acquires ModCloth From Go Global, Marking its Initial Native Brands Investment
Addition of digitally native fashion site adds to stable of leading brands in fashion, CPG, beauty, health and wellness industries whose online presence is managed by Nogin
TUSTIN, Calif., May 5, 2021 /PRNewswire/ -- Nogin, the market leader in outsourced ecommerce for major fashion and consumer product companies, today announced that it had acquired the assets of ModCloth, a digitally native retailer of unique women's fashion and accessories.
The Tustin-based company purchased the brand for an undisclosed sum from Go Global Retail. Since its founding in 2002, ModCloth has been dedicated to serving a full spectrum of women by celebrating their stories and offering a complete range of sizes of indie-inspired fashion.
Initially founded as Branded Online, Nogin has provided Intelligent Commerce Solutions to major brands such as 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. It's what we have always done. Investing where we see great potential is a natural extension," said Nogin CEO Jan-Christopher Nugent. "We are thrilled to free up ModCloth to focus on delivering great products and stories to the brand's community of passionate consumers, while staying true to its core values that champion female empowerment and inclusivity."
"ModCloth is an amazing brand poised for growth," stated Jeff Streader, Managing Partner with Go Global Retail. "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."
Nogin plans to reinvigorate the brand's ecommerce operations using its proprietary suite of Intelligent Commerce Solutions. The company's comprehensive platform allows brands to leverage advanced data analytics to grow their brand and sales. In addition to managing the entire digital operation, the company offers its partners a suite of services that includes brand strategy, creative services, development, logistics, and performance marketing.
"We are truly excited to bring ModCloth into our fold," added Nogin President and CTO Geoffrey Van Haeren. "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 CMO Mary Jimenez named CEO. 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 headquarters, as well as customer service representatives in ModCloth's Pittsburgh, Penn. call center.
Tiger Finance provided acquisition financing, and Tiger Valuation Services is providing inventory analytics support.
Nogin delivers Intelligent Commerce Solutions to leading brands in the fashion, CPG, beauty, health, and wellness industries. The company provides a full-stack ecommerce platform that includes R&D, sales optimization, and machine learning, along with artificial intelligence-driven marketing and fulfillment. Known for helping global brands keep pace with big retail and drive predictable profitability, Nogin partners with clients to take the ecommerce operation, team, and data from the ground up—typically in less than 90 days. For more information on the company's services, visit www.nogin.com.
Media Contact: Jan-Christopher Nugent, CEO, 949-235-6255, email@example.com
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Released May 5, 2021