Walmart Divests Plus-Size Clothing Brand Eloquii For Undisclosed Sum

Walmart Inc WMT plans to sell its plus-size fashion brand Eloquii Inc to FullBeauty Brands. The financial terms of the transaction were not disclosed.
The retail giant acquired Eloquii in 2018 to boost its digital apparel brands.
"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," CNBC reported, citing a spokesperson for Walmart.
"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."
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The latest divestiture comes only days after Walmart sold its menswear brand Bonobos to Express Inc EXPR and WHP Global.
The report further noted that Walmart, for which online sales constitute about 13% of its total annual sales, is shifting its focus on improving the financials of the digital business rather than expanding the items sold.
Price Action: WMT shares are trading lower by 0.15% at $151.50 in premarket on the last check Monday.