collected by :John Locas
“It’s an honor to belong with what is happening at Walmart and Jet right now,” Dunn told Business Insider.
Bonobos is facing backlash after news broke Friday that the brand will be acquired by Walmart, but the founder isn’t scared of criticism killing the menswear brand.
Andy Dunn, Bonobos’ founder and CEO, who is now taking on the role of senior vice president of digital consumer brands for Walmart US ecommerce, told Business Insider he was “extremely anxious” about how the news of the acquisition would go over.
When Recode reported Walmart was in talked to buy Bonobos in April, Dunn witnessed the backlash on social media, with customers claiming that the brand was “selling out.”
The Bonobos founder also released a blog post on Friday in an attempt to convey to customers why he believes that acquisition is a good move for the brand.
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 2011 Bonobos extended offline, launching Bonobos Guideshops, e-commerce stores that deliver personalized, one-to-one service to those wanting to experience the brand in person.
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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.
BENTONVILLE, Ark., & NEW YORK–(BUSINESS WIRE)–Walmart today announced it has entered an agreement to acquire Bonobos, Inc. (“Bonobos”), one of the leading apparel brands built on the internet, for $310 million in cash.