Walmart has announced that it is planning to buy Art.com to boost its home decor business.
According to CNBC, a source said the size of the acquisition is similar to Walmart's other recent deals and that Art.com has been bringing in more than $300 million in sales annually.
"Art.com is the world’s largest online retailer in the art and wall décor category, and the addition of its two million curated images – including a growing exclusive assortment – will create an even richer, deeper customer experience across our home category," wrote Anthony Soohoo, SVP and group general manager for Walmart U.S. eCommerce, in a press release.
Art.com offers a wide-ranging assortment of art, from affordable and chic posters to limited-edition prints and loft art pieces.
Soohoo revealed that 25 percent of Art.com's customers use a feature called ArtView, where shoppers can see what a piece of art looks like on their walls. Walmart will now be able to "leverage that expertise" about augmented reality in other categories of its business.
Art.com will continue to operate as a standalone and complementary site. Its products will be added to Walmart.com, Jet.com and Hayneedle.com.
"This announcement is just another example of how we’re establishing Walmart.com as a specialty retail destination for the home – giving customers the inspiration and confidence to make a beautiful home possible for everyone. I’m so excited to welcome Art.com as a part of that mission," said Soohoo.
The deal, which is expected to close next year, is the latest way in which Walmart is trying to boost its digital presence. Outdoor gear company Moosejaw now has its own shop on Walmart.com, while Lord & Taylor is also selling apparel on the retail giant's site. And earlier this week, Walmart announced the launch of a new in-store app that gives its store associates immediate access to Walmart.com, so they can assist customers in selecting, ordering and paying for items in the store.