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Walmart to acquire online men's clothing retailer Bonobos
17 June 2017, 07:29 | Cesar Cruz
Bonobos was named "One of America's Hottest Brands" by Advertising Age, "Best Men's Pants" by New York Magazine, and one of Inc. magazine's "20 Awesome Facebook Pages", and it was awarded Crain's "Best Places to Work in New York City" in 2011 and 2013.
Walmart bought Jet.com nearly a year ago to up its competition against Amazon.
Another new Walmart program to allow shoppers to purchase online-only products at a discount if the items are picked up at a store was recently rolled out as well.
"If you roll up enough of these online startups, you create a meaningful share" of business, she said.
Bonobos is a clothing brand focused on delivering a fun approach to menswear, a great fit, and an excellent customer experience. In August, it acquired the online marketplace, Jet, for $3 billion and made that company's top executive, Marc Lore, the CEO of e-commerce for Walmart in the U.S.
The deal is expected to close later this year.
"Bonobos is a brand with loyal customers, premium price points, and expertise in a differentiated niche", said Stephen Beck, a managing partner in a management consultancy firm.
"Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail", stated Lore.
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Don't expect to stroll into your local "Mart and pick up a pair of Bonobos" thick-thigh-positive chinos-Bonobos won't be sold in stores, though its clothes will eventually be available online through Jet.com.
The brand has evolved quickly by nailing no-worries business casual style with the type of plaid shirts and not-too-slim trousers that Walmart's core customers can feel alright about.
Still, Mulpuru-Kodal says, it is a bit of "a game of Monopoly".
Both moves were viewed by many as substantial steps taken to compete more adeptly against Amazon.
Arkansas Business will update this story.
Walmart has long trailed Amazon.com in online sales but is investing heavily to keep up and the company said online sales increased 63% in its last quarter. That marked the fourth straight quarter of gains. You may think that the $5.5 trillion U.S. retail industry has room for everyone to share, but Amazon and Walmart look ready to fight for every last morsel.
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