California-based global fashion e-retailer, Modnique, Inc., has signed an agreement to purchase TOTSY, Inc., a New York based private-sale site exclusively dedicated to delivering deals on must-haves for parents, babies and kids. Terms of the deal remain undisclosed but this news shows that Modnique is interested in significantly expanding its online retail footprint into new market segments.
This acquisition will extend Modnique’s lifestyle business beyond women’s and men’s apparel, shoes, handbags, accessories, fine jewelry, and beauty.
“Modnique’s mission is to offer worldwide customers access to international designers and U.S. brands at great prices,” said Modnique Co-founder and CEO, Einaras von Gravrock, in a company issued statement. “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 into its own technology, logistics, and buying platforms. Once the acquisition is complete, Modnique plans to 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 and runs boutique events for apparel, jewelry, shoes,handbags, watches, accessories, kids and beauty. New merchandise arrives daily and is featured in 36 to 72 hour events. Curated shops house inventory without an expiration date and the company specializes in sourcing and shipping brands from around the world. The majority of sales come from outside the U.S.