US retailer Walmart has acquired the online apparel brand Bonobos for $310 million in cash.
Andy Dunn, founder and CEO of Bonobos, will join Walmart and will be responsible for the company's online consumer brands. This includes Bonobos and the recently-acquired ModCloth, and possibly other Walmart brands over time.
The acquisition is part of Walmart's plans for growth and innovation in the e-commerce sector. In its most recent quarter, Walmart experienced a 63% increase in online sales in its US operation.
“We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving,” said Walmart US CEO Marc Lore.
“Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.