collected by :John Locas
as declared in
Andy Dunn, the founder and CEO of Bonobos, is taking on the company’s portfolio of “digitally native vertical brands (brands born online, and owned from design through distribution),” according to a rep for Bonobos.
But elsewhere on the shopping front, there was another significant move: Bonobos, the menswear brand that launched 10 years ago with the promise of offering dudes better-fitting pants, has sold to Walmart.
What do all of these names, plus Bonobos and Jet.com, which it acquired last August for $3 billion, have in common?
Rumors that such a deal would take place have been kicking around since April, and America’s biggest corporation has now bought Bonobos for $310 million, according to a release from the company.
Part of Walmart’s strategy here is to promote acquired brands’ leadership to oversee the categories they know best across all of Walmart.
NEW YORK (AP) — Walmart says it’s buying online men’s clothing retailer Bonobos for $310 million in cash, showing that its appetite for hip clothing brands shows no sign of abating as it looks for ways to gain on Amazon.
Bentonville, Arkansas-based Walmart’s online business is gaining momentum, but remains a distant second to Amazon.
Targeting Bonobos is a good move for Walmart as it tries to compete with Amazon, which has been quickly expanding its clothing business, says internet consultant Sucharita Mulpuru-Kodal.
Walmart has since bought clothing seller ModCloth, footwear retailer ShoeBuy.com and outdoor gear seller Moosejaw.
Bonobos, which started out selling pants online, caters to male shoppers looking for help putting together a wardrobe.
Walmart to Buy Menswear Brand Bonobos for $310M
Amazon is buying Whole Foods, and Walmart is buying Bonobos.
Under the deal, Bonobos CEO Andy Dunn will report to Marc Lore, Walmart’s president and CEO of eCommerce, who is also CEO of Jet.com.
“Adding innovators like Andy will continue to help us shape the future of Walmart and the future of retail,” Lore said.
Bonobos was founded in 2007 and has since expanded to 35 brick-and-mortar shops nationwide.
“I’m thrilled to welcome Andy and the entire Bonobos team.