The $67 million investment in Allopneus will help Michelin better understand online tire buyers, the tire maker says.
The two e-retailers sell products marketed as environmentally-friendly.
Fashion e-retailer Modavanti.com has bought Ethical Ocean, an online marketplace for products marketed as environmentally-friendly. New York-based Modavanti.com did not say how much it paid for Canada-based Ethical Ocean in a deal that closed this week.
“Our values clearly align and we believe that by joining Modavanti we will be able to achieve our vision of a sustainable alternative to the fast fashion retailers,” says Ethical Ocean founder Chad Ham.
The Ethical Ocean site now directs visitors to Modavanti.com, though members can still log on to their Ethical Ocean accounts at EthicalOcean.com.
Modavanti CEO David Dietz says the deal will help introduce his site to Ethical Ocean’s 65,000 members and expand its customer base among shoppers seeking what’s called “sustainable” fashion. A spokesman for Modavanti says the site has already experienced “a tremendous boost in sales as a result of the Ethical Ocean deal.”
A spokesman for Modavanti says no Ethical Ocean executives will have jobs at Modavanti, but that one employee, to be determined later, will sit on Modavanti’s board of directors.