Walmart Buys Men's Retailer Bonobos for $310 Million
Walmart Buys Men's Retailer Bonobos for $310 Million
17 June, 2017, 02:23
Walmart is buying internet retailer Bonobos for $310 million in cash. Bonobos CEO and founder Andy Dunn will report to Marc Lore, the CEO of Walmart's US online operations.
Walmart'sacquisitions of Jet.com and trendy ecommerce brand ModCloth helped bring Dunn around to a new understanding of how ecommerce brands and platforms could develop.
Bonobos founder and CEO Andy Dunn will report to Lore, and Bonobos could still stay a separate brand from Walmart-not necessarily sold in Walmartstores or even on Walmart.com. 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.
The acquisition, which is subject to regulatory approval, is expected to close toward the end of the second quarter or the beginning of the third quarter of this fiscal year.
Bonobos co-founder and CEO Andy Dunn, and other top executives, can earn an extra $20 million combined if they remain with Walmart for four years, one of these people said. Wal-Mart shares are down almost 6% in Friday premarket trading in the wake of the M&A news from Amazon.com Inc. and Wal-Mart Stores Inc.
Customers have expressed their dismay on social media, saying that they news has convinced them to ditch the brand. Launched online in 2007 with its signature line of better-fitting men's trousers, Bonobos is one of the leading apparel brands ever built on the web in the United States.
New York-based Bonobos was founded by CEO Andy Dunn in 2007 and sells men's clothing and accessories primarily online. "In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online". "We will be extending what we have learned to a wider ecosystem that we have helped create and come to love".
"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. To date, Bonobos has 35 Guideshops across the United States.
Bonobos started online but like many similar startups, has also opened some showrooms. 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.
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