Walmart: buying Bonobos to strengthen e-commerce unit.
(CercleFinance.com) - Walmart has entered an agreement to acquire men's apparel brand Bonobos for 310 million dollars in cash, as the retail giant is seeking to strengthen its e-commerce offering.
Following the closing, 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.
The company said Bonobos' collections will be offered on Jet.com and other Walmart channels.
In its most recent quarter, Walmart saw 63 per cent growth in U.S. e-commerce sales.
The acquisition is expected to close at the end of the summer or at the beginning of autumn.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Following the closing, 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.
The company said Bonobos' collections will be offered on Jet.com and other Walmart channels.
In its most recent quarter, Walmart saw 63 per cent growth in U.S. e-commerce sales.
The acquisition is expected to close at the end of the summer or at the beginning of autumn.
Copyright (c) 2017 CercleFinance.com. All rights reserved.