REDONDO BEACH, Calif.--(BUSINESS WIRE)--Modnique, Inc. (www.modnique.com), a global fashion e-commerce retailer, today announced it has signed a definitive asset purchase agreement with TOTSY (www.TOTSY.com), Inc., a New York, NY based private-sale site exclusively dedicated to delivering deals on must-haves for parents, babies and kids. Terms of the deal are undisclosed.
This strategic growth pillar marks Modnique's 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.
The deal solidifies Modnique's position as a global e-commerce retailer. "Modnique's mission is to offer worldwide customers access to international designers and U.S. brands at great prices," stated Modnique co-founder and CEO, Einaras von Gravrock. "This acquisition allows us to offer more brand partners international distribution and it gives our customers access to great kids brands. We're excited to be the only fashion destination to offer shoppers the best international and U.S. women's, men's, and kids brands in one place."
Modnique will migrate the TOTSY business to its own technology, logistics, and buying platforms. "Modnique is uniquely positioned to mitigate the challenges the company faced in the past, and we are well-suited to leverage these assets to continue global expansion as a lifestyle e-commerce retailer," said von Gravrock. He added that "This acquisition is a strategic move to secure our position as a dominant international fashion destination. We've got the right team in place to execute."
Upon completion of this asset acquisition, Modnique will donate the roughly $2 million of TOTSY inventory to K.I.D.S. (Kids In Distressed Situations), a global children's charity dedicated to making a difference in the lives of millions of needy children. K.I.D.S. provides new clothes, shoes, toys, baby items and books to families all over the world.
Modnique headquarters will remain in Redondo Beach, Calif. The company currently has offices in the United States, Europe, and Latin America.
Modnique is a global fashion e-commerce company headquartered in Redondo Beach, Calif. Founded in 2010, Modnique runs boutique events for apparel, jewelry, shoes, handbags, watches, accessories, kids and beauty. New merchandise arrives daily and is featured in 36-72 hour events. Curated shops house inventory without an expiration date. Events and shops are sourced for the chic, international consumer and feature brand name items to suit any style or occasion. The company specializes in sourcing and shipping brands from around the world. The majority of sales come from outside the U.S.
Headquartered in New York, TOTSY is a privately held company dedicated to providing its members with access to essential products and brands designed for expecting moms, parents, babies and kids at sample sale prices. Shopping events are designer-specific and held over a 72 hour period. Membership is free of charge and by invitation only. For more information, please visit www.TOTSY.com.