Walmart has sealed the deal on its acquisition of men’s fashion retailer Bonobos — a move the retail industry has been expecting since April. The big box retailer’s fourth e-Commerce brand purchase is valued at $310 million in cash.
In an effort to compete with rival Amazon — which announced a merger with Whole Foods on the same day — Walmart has scooped up a variety of unique companies, including Moosejaw and Shoebuy to upgrade its fashion offerings. Last year, the retailer also acquired Jet.com for $3.3 billion, which then bought ModCloth shortly after.
Andy Dunn, Founder and CEO of Bonobos will now report to Walmart President and CEO Marc Lore.
“I saw Walmart acquire Jet and then ModCloth, and, I thought, they get the future of e-commerce is brands,” Dunn said in a telephone interview with the New York Times.
"Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail," Lore said in a statement. "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.”
The deal is expected to close at the end of the second quarter or the beginning of the third quarter in this fiscal year.