For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
Fashion retailer Modnique buys the assets of the flash-sale merchant.
Flash-sale e-retailer Totsy .com will sell its assets to Modnique Inc., an online retailer of clothes, beauty products and related items. Totsy, an online private sale site for kids’ and moms’ clothes and accessories, said in May it would lay off all its employees.
Modnique did not say how much it will pay for the assets, but said in a statement that the deal marks its entry into the “kids off-price market, extending the company's lifestyle business beyond women's and men's apparel, shoes, handbags, accessories, fine jewelry, and beauty.” Modnique said it would donate the approximately $2 million worth of Totsy inventory to K.I.D.S. (Kids In Distressed Situations), a global children's charity.
Totsy offered no immediate comment. Totsy was founded in 2009 and this year broke into the Internet Retailer Top 500 Guide, at. No. 457.
“This acquisition allows us to offer more brand partners international distribution and it gives our customers access to great kids brands,” says Modnique CEO and co-founder Einaras von Gravrock.
Modnique says its headquarters will remain in Redondo Beach, CA. The company launched in 2010.