According to a report from a trusted resource well aware of the acquisition, Walmart is shelling out over $100Mn which is more than twice of that of annual revenue generated by Eloquii. He also said that along with the Walmart, other retailing giants were also keen to buy out Eloquii. Walmart has made the announcement that it took over Eloquii which is an online plus size retail store at a price which was not disclosed and the deal amongst the two is will get complete within this quarter. Mariah Chase who is the CEO of Eloquii along with her team and around one hundred employees will be continuing their service in the Long Island of New York.
Many of the executives of Eloquii will be joining e-commerce business of Walmart in US and will supposedly be reporting to Senior VP Andy Dunn of one of the businesses of Walmart. Founded in the year 2011, this digital brand was re-launched as independent brand in the year 2014 which fits into acquisition strategy proposed by Walmart which enables the acquisition of those companies which enhance the diversity of Walmart and Jet, along with acquiring other digital brands offering different experiences and products. Eloquii provides differentiated and unique products just like Walmart’s native brands Bonobos and Modcloth, says the company.
Walmart is currently looking for a $21Bn market, thus betting it over Eloquii to grasp it. The plus sized market for women has reached up to $46Bn according to the Coresight Research. This segment is booming at a greater pace than the overall apparel sales. The plus-size market value has increased to 23 percent between the years 2012-2016, which is more than twice the overall clothing growth of 9.9 percent, Core sight found. Dunn said that addressing the request of customers for fashion trending styles is what Eloquii is best at.