Walmart Acquires Bonobos

Posted: Jun 16 2017, 11:21am CDT | by , in News | Latest Business News

 

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Walmart Acquires Bonobos
Credit: Bonobos

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The internet apparel retailer Bonobos gets gobbled up by Walmart.

Amazon buys supermarket chain Whole Foods, increasing its presence in the brick and mortar world. Walmart on the other hand continues to purchase online turf. Walmart today announced it has entered an agreement to acquire Bonobos, an apparel brands built on the internet, for $310 million in cash.

Following the closing, Andy Dunn, founder and CEO of Bonobos will report to Marc Lore, president and CEO of Walmart U.S. eCommerce, and oversee the company’s collection of digitally-native vertical brands. These are brands born online, and owned from design through distribution. The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, and include Bonobos and recently-acquired ModCloth.

In its most recent quarter, Walmart saw 63 percent growth in U.S. e-commerce sales, the majority coming from organic growth in Walmart.com. Walmart’s efforts in e-commerce are empowering customers with low prices, more choices and new levels of convenience. Since just the beginning of the year, Walmart.com has rolled out two-day free shipping with no membership fee, an extra discount for picking up orders in stores and the ability to easily reorder online or store purchases. And, Jet.com continues to provide a strong avenue for reaching an urban, millennial customer.

“We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving,” said Lore. “Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail. I’m thrilled to welcome Andy and the entire Bonobos team. They’ve created an amazing product and customer experience, and that will not change. In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online.”

“We began Bonobos ten years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways. That will always remain our mission,” Dunn said. “We are excited about applying all that we have learned to help shepherd in the next era of retail.”

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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