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April 27, 2023 : Walmart has sold the online apparel brand Eloquii to FullBeauty Brands as the retailer continues to divest direct-to-consumer brands. The move marks Walmart’s third sale of a direct-to-consumer brand this year, following the sales of Bonobos to WHP Global and Express and Moosejaw to Dick’s Sporting Goods. Walmart bought Eloquii in 2018 for an undisclosed sum and sought to build its online assortment with higher-margin apparel and home merchandise. FullBeauty Brands is buying Eloquii for an undisclosed sum and retaining its co-founder and brand leader, Julie Carnevale. Eloquii will become part of a portfolio of online plus-size apparel, shoes, and swimwear brands under FullBeauty Brands.
FullBeauty Brands CEO Jim Fogarty plans for Eloquii to anchor the company’s “digital mall” and gain a foothold with millennial and Gen Z consumers. After acquiring Eloquii, Walmart created a new brand of inclusive-sized apparel, which the retailer will continue to sell after the divestiture. Walmart executives have stated that the company’s e-commerce goals have shifted from growing the number of available items to improving the financials of the digital business. Walmart’s online sales now make up 13% of total annual sales, up from 5% in 2019.
While Walmart’s former head of e-commerce, Marc Lore, significantly transformed the company’s e-commerce business, there were also a number of Lore-led businesses that were not ultimately successful, including text message concierge service JetBlack and the wind-down of e-commerce company Jet.com, which Walmart bought for $3.3 billion and which brought Lore to the retailer. In recent years, Walmart has also sold Modcloth, Bare Necessities, and ShoeBuy, all Lore-led acquisitions.
