As an ongoing effort to outpace Amazon, Walmart announced that it would acquire menswear website Bonobos for $310 million.
The deal is part of Walmart’s strategy to grow it’s e-commerce platform and to distinguish itself from Amazon. Additionally, this deal was followed by several other acquisitions Walmart has made, which include Modcloth in March 2017, outdoor retailer Moosejaw for $51 million in February 2017, Hayneedle in March 2016, and Zappo-style shoe retailer ShoeBuy for $70 million.
Marc Lore, President, and CEO of Walmart U.S. e-commerce said: “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. 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.”
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