Walmart has reached an agreement to sell Eloquii, a plus-sized apparel brand it has owned for over four years.
The deal, announced in a Friday press release, will see FullBeauty Brands purchase the brand from the retail giant. CNBC earlier reported on the sale.
The announcement of the Eloquii deal comes over four years after Walmart first unveiled it had moved to acquire the plus-sized clothing brand. FullBeauty’s purchase of Eloquii will be "subject to certain customary closing conditions," according to the press release.
"ELOQUII joined Walmart’s portfolio of digitally native vertical brands to expand our Women’s assortment in sizes 14+, and offer unique and differentiated product in an underserved but growing segment," Walmart told FOX Business. "Since acquiring ELOQUII, Walmart.com has grown to hundreds of millions of items, and we’ve decided it’s the right time to sell ELOQUII."
WALMART SELLS MOOSEJAW TO DICK'S SPORTING GOODS
"This strategic acquisition complements our brands perfectly and allows us to leverage our scale and platform to support ELOQUII and our shared mission," FullBeauty CEO Jim Fogarty said in his company’s press release. "While we hope to bring scale and platform expertise to bear, we will also humbly be learning from Julie [Carnevale] and the talented ELOQUII team, who are the soul of the ELOQUII brand DNA, and who fortunately are joining us on this next phase of the ELOQUII journey."
FullBeauty, which is headquartered in New York City, includes Catherines, Swimsuits For All and Woman Within among its brands. It is also building a new "digital mall" that it will prominently feature Eloquii in, the company said.
CNBC noted Walmart’s Eloquii sale followed those of two other direct-to-consumer brands since the start of 2023.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Dick’s Sporting Goods announced in February that it had agreed to buy outdoor outfitter Moosejaw from Walmart. That move came multiple years after the chain was bought by the retail giant.
Nearly two months later, in mid-April, Express and WHP Global unveiled they were buying Bonobos, a menswear brand Walmart bought in 2017, in a joint $75 million deal.
EXPRESS SHARES SOAR ON WALMART BONOBOS DEAL
For fiscal year 2023, Walmart generated $611.6 billion in overall revenue, up 6.7% from the $572.8 billion it reported the prior year. Net income for the year was $11.68 billion, marking a year-over-year decrease.
The company’s stock price has gone up over 5% year-to-date and fallen slightly less than that in 12 months.
Joe Toppe contributed to this report.
