Bonobos will be offered on the company’s online offshoot Jet.com alongside a variety of other Walmart brands internationally over time, including the recently-acquired ModCloth.
The acquisition is expected to close toward the end of the second quarter or the beginning of the third quarter of this fiscal year, pending regulatory approval.
The announcement comes on the heels of a booming quarter, which saw 63% growth in U.S. e-commerce sales, the majority coming from organic growth in Walmart.com. Walmart’s low pricing and customer service efforts have jolted the surge, while Jet.com continues to provide a strong avenue for reaching an urban, millennial customer.
“We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving,” said Lore. “Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail. I’m thrilled to welcome Andy and the entire Bonobos team. They’ve created an amazing product and customer experience, and that will not change. In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online.”
“We began Bonobos ten years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways,” added Dunn. “That will always remain our mission. We are excited about applying all that we have learned to help shepherd in the next era of retail.”