Walmart, Amazon in acquisition heat with new deals
June 16, 2017,
Walmart has entered into an agreement to acquire Bonobos Inc., the internet-grounded men’s apparel brand, for $310 million in cash. It snaps up the purveyor of tailored menswear at a moment when Amazon is working diligently to claim a stake in the fashion apparel market.
Bonobos launched online in 2007 and in 2011 began opening Bonobos Guideshops providing personalized, one-to-one service. There are now 35 Guideshops in the United States. Bonobos apparel is also sold in all 118 Nordstrom department stores and on Nordstrom.com.
Bonobos founder and ceo Andy Dunn will oversee Walmart’s “digitally native brands,” including the recently acquired ModCloth. He will report to Marc Lore, president and ceo of Walmart U.S. e-commerce. Lore is the founder of Jet.com, which was acquired by Walmart last fall.
Under the Amazon deal, Whole Foods ceo John Mackey would retain his title and continue to operation the upmarket grocery chain under the Whole Foods nameplate.
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