Walmart Buys Men's Retailer Bonobos for $310 Million

Walmart Buys Men's Retailer Bonobos for $310 Million

Walmart Buys Men's Retailer Bonobos for $310 Million

Wal-Mart Stores Inc said it would buy online men's fashion retailer Bonobos Inc for US$310 million in cash, the retailer's fourth e-commerce acquisition in less than a year.

But many customers threatened to abandon the brand after catching wind of the Walmart takeover. She noted that Walmart can learn from these millennial customers. In 2012, Bonobos expanded its distribution partnering with Nordstrom, bringing Bonobos apparel into all 118-doors nationwide and to Nordstrom.com. The startup joins online shoe retailer Shoebuy (a challenge to Amazon's Zappos), online outdoor retailer Moosejaw, and vintage-inspired online women's apparel seller Modcloth in a string of acquisitions by the brick-and-mortar retail giant under Lore since its $3.3 billion purchase of Lore's Jet.com a year ago.

In recent months, Walmart has begun to offer free two-day shipping for a minimum purchase of $35, and sought to leverage its network of locations by offering a discount on thousands of online-only products if customers are willing to pick them up at a local store.

"Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail", stated Lore. They've created an incredible product and customer experience, and that will not change.

For Walmart, the deal marks at least its fourth acquisition of a digital-first retailer since Marc Lore took over as head of e-commerce in the USA last fall - others have included Modcloth and ShoeBuy.

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The brands Dunn will be responsible for, including Bonobos and the recently acquired ModCloth, will be offered on Jet.com and possibly other Walmart venues in various countries over time.

Booz Allen plunged 18.6 per cent to US$31.99 after the consultancy firm said the US Department of Justice was investigating the company for some of the ways it charged the government for services and accounted for costs. "We also have a new mandate".

Walmart bought Jet.com nearly a year ago to up its competition against Amazon.

In a news release, Wal-Mart said 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". While the cheapest shirts at Walmart retail in the single digits, clothes at Bonobos start around $90, and top out around $500.

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