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ModCloth
ModCloth is an American online retailer of indie and vintage-inspired women's clothing based in Los Angeles.
Modcloth was founded in 2002 by Susan Gregg Koger and Eric Koger. Susan and Eric were students at Carnegie Mellon University and launched ModCloth as a website to sell used vintage dresses. ModCloth grossed $18,000 in revenue in 2005 and received its first round of seed funding in 2008. In 2009, ModCloth reported $15 million in revenue, allowing it to relocate its headquarters from Pittsburgh's Strip District to San Francisco. ModCloth reported $100 million in revenue in 2012 and $150 million in 2014.
In January 2015, ModCloth announced the appointment of Matthew A. Kaness as CEO replacing Eric Koger. Kaness had previously held the role of CSO at Urban Outfitters, Inc. Under Kaness's leadership, ModCloth launched its first namesake label as part of monthly collections in August 2015. The company quickly became a multichannel retailer when it opened its first pop-up Fit Shop in Los Angeles, followed by another in San Francisco. ModCloth pop-up shops carried a curated collection of ModCloth clothing, accessories, and home décor, along with select pieces from local artists. ModCloth used these pop-up stores to promote existing online and social media services such as Fit for Me and the Style Gallery.
ModCloth opened pop-up stores in other cities as part of the 2016 "ModCloth IRL Tour", including Washington, D.C.; Portland; Austin; Denver; and Pittsburgh. Following these temporary store experiments, ModCloth opened its first permanent FitShop in Austin in November 2016. All IRL shops have since closed.
In March 2017, ModCloth was acquired by Jet.com, a subsidiary of Walmart. Jet.com noted ModCloth would run independently, similar to the arrangement in place for other companies they had acquired in the past. Both the website and the retail store in Austin would be retained by ModCloth. The partnership would give ModCloth more working capital, the ability to open more physical stores, and the opportunity to grow the business to reach more consumers. Though the financial terms of the acquisition were not disclosed, the deal was estimated to be between $51 million and $75 million.
In October 2019, Walmart sold ModCloth to brand investment platform Go Global Retail, in a year when Walmart was facing projected losses of $1 billion in its e-commerce division.
In May 2021, Nogin acquired Modcloth from Go Global Retail for an undisclosed sum. In December 2023, Nogin filed for Chapter 11 bankruptcy. As of April 3, 2024, Nogin has announced their confirmation of a restructuring plan for their chapter 11 bankruptcy in which "reorganized equity interests will be acquired by a newly-formed entity sponsored by B. Riley Financial, Inc.
In 2014, ModCloth became the first retailer to sign the Heroes Pledge for Advertisers. As an endorser, ModCloth committed to not using Photoshop to "change the shape, size, proportion, colour, and/or remove/enhance the physical features" of its advertising models in post-production. In June 2016, ModCloth hosted an event on Capitol Hill to support the Truth in Advertising Act. Modcloth's Susan Gregg Koger spoke at this event alongside Representative Ileana Ros-Lehtinen, who was one of the introducers of the act.
ModCloth
ModCloth is an American online retailer of indie and vintage-inspired women's clothing based in Los Angeles.
Modcloth was founded in 2002 by Susan Gregg Koger and Eric Koger. Susan and Eric were students at Carnegie Mellon University and launched ModCloth as a website to sell used vintage dresses. ModCloth grossed $18,000 in revenue in 2005 and received its first round of seed funding in 2008. In 2009, ModCloth reported $15 million in revenue, allowing it to relocate its headquarters from Pittsburgh's Strip District to San Francisco. ModCloth reported $100 million in revenue in 2012 and $150 million in 2014.
In January 2015, ModCloth announced the appointment of Matthew A. Kaness as CEO replacing Eric Koger. Kaness had previously held the role of CSO at Urban Outfitters, Inc. Under Kaness's leadership, ModCloth launched its first namesake label as part of monthly collections in August 2015. The company quickly became a multichannel retailer when it opened its first pop-up Fit Shop in Los Angeles, followed by another in San Francisco. ModCloth pop-up shops carried a curated collection of ModCloth clothing, accessories, and home décor, along with select pieces from local artists. ModCloth used these pop-up stores to promote existing online and social media services such as Fit for Me and the Style Gallery.
ModCloth opened pop-up stores in other cities as part of the 2016 "ModCloth IRL Tour", including Washington, D.C.; Portland; Austin; Denver; and Pittsburgh. Following these temporary store experiments, ModCloth opened its first permanent FitShop in Austin in November 2016. All IRL shops have since closed.
In March 2017, ModCloth was acquired by Jet.com, a subsidiary of Walmart. Jet.com noted ModCloth would run independently, similar to the arrangement in place for other companies they had acquired in the past. Both the website and the retail store in Austin would be retained by ModCloth. The partnership would give ModCloth more working capital, the ability to open more physical stores, and the opportunity to grow the business to reach more consumers. Though the financial terms of the acquisition were not disclosed, the deal was estimated to be between $51 million and $75 million.
In October 2019, Walmart sold ModCloth to brand investment platform Go Global Retail, in a year when Walmart was facing projected losses of $1 billion in its e-commerce division.
In May 2021, Nogin acquired Modcloth from Go Global Retail for an undisclosed sum. In December 2023, Nogin filed for Chapter 11 bankruptcy. As of April 3, 2024, Nogin has announced their confirmation of a restructuring plan for their chapter 11 bankruptcy in which "reorganized equity interests will be acquired by a newly-formed entity sponsored by B. Riley Financial, Inc.
In 2014, ModCloth became the first retailer to sign the Heroes Pledge for Advertisers. As an endorser, ModCloth committed to not using Photoshop to "change the shape, size, proportion, colour, and/or remove/enhance the physical features" of its advertising models in post-production. In June 2016, ModCloth hosted an event on Capitol Hill to support the Truth in Advertising Act. Modcloth's Susan Gregg Koger spoke at this event alongside Representative Ileana Ros-Lehtinen, who was one of the introducers of the act.