After the deal closes, Bonobos founder and CEO Andy Dunn will move over to Walmart's USA e-commerce division under Marc Lore, former CEO of Jet.com and current chief of Walmart's online operations, to oversee the company's collection of digitally-native vertical brands. The brick-and-mortar stalwart, with Jet founder Marc Lore at the helm as its new USA e-commerce chief, has also been gobbling up pure-play specialty retailers at a rapid clip.
The Bonobos deal, announced Friday, is expected to close at the end of the second quarter or the beginning of the third quarter of this fiscal year. It follows an agreement to buy the Moosejaw outdoor-equipment site in February and the women's-apparel seller ModCloth in March. Bonobos founder and CEO Andy Dunn will remain with Walmart in an expanded role, overseeing its growing 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.
Under Lore's direction, Walmart also has been working accelerate the integration between Walmart.com and Jet.com, and trying to take advantage of its scale in areas like shipping and sharing its products. In Wal-Mart's most recent quarter, the store says it saw 63 percent growth in US e-commerce sales.
"We began Bonobos 10 years ago to give men a completely different product and shopping experience: better-fitting, higher-quality clothing, in new and imaginative ways", Dunn said.
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"Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail", Lore said in a statement. Don't think I'll be able to continue my support of Bonobos any longer. "We will be extending what we have learned to a wider ecosystem that we have helped create and come to love". In addition to acquiring existing online retailers like Jet.com and Bonobos, Walmart is building more and larger fulfillment centers to process orders more efficiently and outfitting it's 4,700 stores to work hand in hand with online.
Bonobos is a clothing brand focused on delivering great fit, excellent customer experience, and a fun approach to menswear.
Bonobos has raised more than $120 million in total capital, according to CrunchBase, from investors such as Coppel Capital, Accel Partners and Lightspeed Venture Partners.