Fashion
Questions and answers with Jeff Streader on Go Globals plans for Modcloth
Go Global brand investment platform recently announced the completion of its acquisition of Walmart's retro fashion brand for women Modcloth, announced last fall, with funding from Tiger Capital Group.
There has been talk that the retail giant is planning to sell another of its native digital acquisitions in recent years, when it's struggling to put its e-commerce business in the dark. Recent acquisition of the men's fashion brand Bonobos went through a wave of layoffsand Eloquii, the seller of large sizes for women, is not profitable, according to CNBC.
To learn more about Go Global, its rationale for the acquisition of Modcloth and its plans for the brand, Multichannel Merchant spoke with Go Global CEO Jeff Streader.
MCM: Tell us a bit about Go Global and how it works.
Streader: Despite the good intentions of companies and the rest of the industry, private equity is often driven by increasing EBITDA at the expense of the brand. My feeling is that, even if it is important to be profitable, the solidity of the balance sheet and the profit and loss account of a company also depends on the strength of the brand and its connectivity with the consumer. .
We launched Go Global in 2017 based on the thesis that, thanks to our experience in the clothing retail sector, our team will acquire brands that focus on creating a profile of Single user and a brand narrative with the product, and profitability will follow. There are many private equity firms that are very successful. Our point of view is to put the brand and the customer at the top.
MCM: What will be your goal with Modcloth in the future?
Streader: We have re-leased Walmart in four retail stores in Soho in New York, Georgetown in Washington, DC, Austin and San Francisco, to exit the brick market. We also closed the wholesale business with Nordstrom and others.
We were going to focus only on our own DTC online business, and on building a relationship with it, understanding its needs and demands, and delivering the right product at the right speed. The company had not done so; the speed of product drops and innovation on the website was not at the level it should be.
MCM: How does customer voice and social listening play a role in your plans for Modcloth?
Streader:We don't want a Macys model, we prefer to sell and have a rarity model. We have very loyal customers who are strong on Pinterest, Instagram and Facebook; the social footprint is impressive. They demand novelty and innovation. We therefore make no immediate changes to the supply and product model or the depth of the references.
We want to listen to her, involve her to tell us what she likes about the brand. It was fashion from the 1960s to the 1980s, but she still wanted us to bring her something new. We will let her tell us the roadmap and not the other way around.
MCM: what kind of management changes are you making?
Streader: Go Global has people with considerable experience in marketing, technology, infrastructure, e-commerce, product design, supply chain and operations. During the acquisition, we dropped five people immediately inside to augment and assist the current management team while we were in discovery mode, developing and implementing our strategic plan at during the first 100 days.
Some members of management (Modcloth) have left, with close links to Walmart, including the chief financial officer. We prefer to keep as much management as possible, because of their history and their institutional model. Many of the middle managers we found are really passionate about the brand.
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