The world’s largest retail chain has made another move to strengthen its e-commerce business.
Today, Walmart announced plans to acquire Bonobos, a 10-year-old digitally native men’s clothing brand, for $310 million in cash. Rumors first surfaced about a possible deal in April, at the time sources said the transaction was all but sewn up.
Started in 2007, Bonobos came online with the goal of giving men better fitting clothes and less hassle in the shopping process. After finding success online with its well-fit pants, Bonobos ventured into the brick-and-mortar space, opening Guideshop locations in 2011 where shoppers could get one-on-one service with personal shoppers, see the product in person and then have it shipped home.
Read more at Sourcing Journal.