Walmart is selling off ModCloth, the online women's apparel brand that it acquired in March 2017.
According to a press release posted Friday, brand investment company Go Global Retail will buy the clothing company for an undisclosed sum. In the statement, Walmart senior vice president of corporate strategy, development and partnerships Ashley Hubka said that ModCloth had "strong brand equity."
"We feel good about the progress at ModCloth and believe that Go Global's team and scale out strategy presents an attractive opportunity for the employees and customers of this beloved brand," Hubka said.
The retail giant is spinning off its vintage-themed acquisition a little over two years after first acquiring it for an undisclosed sum, through Walmart's subsidiary Jet.com. According to the release, the ModCloth deal will officially close sometime in 2019.
"We believe that together with current management, ModCloth has the ability to become a stronger player in the premium fashion market, nationally as well as internationally," Go Global managing director Jeff Streader said in the statement.