Turns out, Friday was a big day for big acquisitions. Amazon is buying Whole Foods, and Walmart is buying Bonobos.
According to reports, the deal will be worth $310 million in cash.
The purchase is one of several Walmart has made in recently as it attempts to be more competitive with Amazon and offer a more varied eCommerce business that better targets the needs of younger shoppers. Bonobos was founded in 2007 and has since expanded to 35 brick-and-mortar shops nationwide. It is currently in a partnership agreement with Nordstrom.
Under the deal, Bonobos CEO Andy Dunn will report to Marc Lore, Walmart’s president and CEO of eCommerce, who is also CEO of Jet.com. Lore oversees many of Walmart’s new digital acquisitions. Bonobos will join a stable that now includes Modcloth, ShoeBuy and Moosejaw.
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