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Walmart buying internet retailer Bonobos for $310M
18 June 2017, 01:07 | Cesar Cruz
Bonobos is facing backlash after news broke Friday that the brand will be acquired by Walmart, but the founder isn't scared of criticism killing the menswear brand.
They added the move underscored even more, how important it was for Walmart to continue expanding into new areas.
For the transaction, Citi is serving as financial adviser to Bonobos, with Fenwick & West LLP acting as its legal adviser, while Weil, Gotshal & Manges LLP and Hogan Lovells are serving as legal advisers to Walmart. The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, and include Bonobos and recently-acquired ModCloth.
The acquisition is part of Walmart's broader e-commerce strategy to enhance value for customers.
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These new brands help Walmart improve the experience for existing customers and extend its reach to new customers, Ravi Jariwala, senior director of public relations at Walmart.com, told Retail Dive last month. Sears and Kmart are just several of the once-highly-successful retail chains that have closed a multitude of stores over the past two years while trying to compete with both Amazon and Walmart. Even as other fashion outlets like J. Crew have seen diminishing returns of late, Bonobos is one of the few brands that continues to grow-around 30 percent year over year, Recode claims-by offering fast, no-hassle shipping and free returns, and making some pretty damn good trousers. The retail giant will buy the men's e-commerce site to join its growing roster of online brands. Now, he says the company can be "transparent" about what will happen - that product quality, design, and customer service will remain unchanged.
The Bonobos deal is another example of Wal-Mart's push to rethink its US e-commerce strategy.
Shortly before Walmart bought Jet, the online retailer had purchased ShoeBuy for about $70 million. Women's online retailer ModCloth drew a similar negative reaction after it was snapped up by Walmart earlier this year. 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. The retailer also has rapidly expanded its online assortment to more than 50 million items as well.
But after sitting down with the teams from Walmart and Jet.com and hearing their vision for Bonobos, "my mind exploded", Dunn wrote.
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