Walmart to acquire online men's clothing retailer Bonobos

Not to be outdone by rival Amazon buying Whole Foods Market for a whopping $13.7 billion, Wal-Mart Stores on Friday said it would shell out $310 million for a purchase of its own - online men's clothing retailer Bonobos.

Founded in 2007, Bonobos got its start selling dress trousers to men and quickly expanded its lineup to shorts and colorful plaid shirts. Dunn will report to Marc Lore, president and CEO of Walmart U.S. ecommerce, and founder and former CEO of Jet.com, which Walmart acquired previous year. Women's online retailer ModCloth drew a similar negative reaction after it was snapped up by Walmart earlier this year. Sources say Walmart believes Bonobos has the potential over time to generate large operating profits for a retail brand of its size.

"Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail", stated Lore.

"We began Bonobos 10 years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways. In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online". "Your customers are mainly people like me, millennials who shop online so as to avoid giving our dollars.to community-killing super stores", one user wrote on Facebook.

The company has 30 stores where customers can be custom measured for their clothes, and also mini-stores at Nordstrom. Customers at the Guideshops can try on trousers, shirts, ties, belts and jackets with suggestions from stylists. That underscores even more how important it is for Walmart to continue expanding into new areas.




Arkansas Business will update this story. It increased 63 percent in the fiscal first quarter, up from 29 percent in the previous period. The chain posted its second-straight quarter of same-store sales declines and lowered its 2017 guidance.

But after sitting down with the teams from Walmart and Jet.com and hearing their vision for Bonobos, "my mind exploded", Dunn wrote.

Make it your business.

Walmart is also launching an incubator lab focused on projects in robotics, virtual and augmented reality, and artificial intelligence as it aims to compete more aggressively with Amazon.

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