Walmart to acquire online men's clothing retailer Bonobos

Bonobos

Global mega-retailer Wal-Mart has reached a deal to buy Bonobos, a men's clothing online retailer, for $310 million in cash, the companies announced.

Walmart has made it clear that the brands will continue as standalone sites, and executives from those companies have sought to ensure loyal customers that little will change.

Walmart is already encouraging customers to order online and then pick up in-store for a discount.

The company has 30 stores where customers can be custom measured for their clothes, and also mini-stores at Nordstrom. Following the closing, Andy Dunn, founder and CEO of Bonobos will report to Marc Lore, president and CEO of Walmart U.S. eCommerce, and oversee the company's collection of digitally-native vertical brands.

The move was immediately overshadowed by Amazon's seismic acquisition of Whole Foods, sending Walmart shares down 5.2% in early trading to $74.84.

Dunn will remain to oversee the Walmart's collection of digitally-native vertical brands, reporting to USA e-commerce chief Marc Lore, according to a Walmart press release.

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




For Walmart, the deal marks at least its fourth acquisition of a digital-first retailer since Marc Lore took over as head of e-commerce in the USA last fall - others have included Modcloth and ShoeBuy.

Customers have expressed their dismay on social media, saying that they news has convinced them to ditch the brand. But elsewhere on the shopping front, there was another significant move: Bonobos, the menswear brand that launched 10 years ago with the promise of offering dudes better fitting trousers, has sold to Walmart. "We also have a new mandate".

When news broke on Friday that Walmart was acquiring the menswear startup Bonobos, many customers responded with dismay.

Another wrote: "This screams, "we have no idea who our customer is" Good luck".

"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".

The incursion by Amazon increases pressure on Wal-Mart to improve its e-commerce business - something the Bonobos deal is meant to address.

Related news:

Hot News

isis-killer-beheading-video-story-top 100000 civilians behind Islamic State lines in Iraqi city of Mosul
Jun 18, 2017 - 02:18
She warned that they no agency in the world can cope with a situation if 40, 000 people decide to flee at the same time. Geddo said the UNHCR opened its 13th camp two weeks ago to accommodate the growing numbers of people fleeing Mosul.

isis-killer-beheading-video-story-top FIFA Confederations Cup kicks off in Russian Federation
Jun 18, 2017 - 02:13
The New Zealand side has drawn arguably the toughest group here, with each of their opponents having a lot to prove. "I have a pact with the players and we treat these personal matters away from the national team".

isis-killer-beheading-video-story-top Justin Thomas breaks US Open record with 9-under 63
Jun 18, 2017 - 02:04
Already one under for the day after four holes, Thomas found the target with a remarkable putt that broke at a 90-degree angle. Driving the par-4 15th hole with a three-wood, Justin Thomash hopefully shouted after it "be as good as you look".

isis-killer-beheading-video-story-top Cosby accuser thanks prosecutors after mistrial
Jun 18, 2017 - 01:58
Bill Cosby walks from the Montgomery County Courthouse during his sexual assault trial in Norristown, Pa., Friday, June 16, 2017. Dozens of other women have accused Cosby, now 79, of molesting them decades ago, and 10 have civil lawsuits pending against him.

Warriors say no decision has been made on White House visit
Jun 17, 2017 - 11:35
Kerr still found time to crack a joke on the stage afterward: "Well, we had very little talent, actually, it was mostly coaching". The Warriors tallied 35 bench points in game five, while Cleveland managed just seven points outside their starting five.

Nintendo Explains Switch's Online Service Delay, Virtual Console & File Management
Jun 17, 2017 - 11:31
The Nintendo Switch online service will also include a the Classic Game Selection , a feature bundled with the paid service. They will all require a mobile phone, but apparently not all of them will need to be physically tethered with a cord.

First round of Brexit talks to begin on Monday June 19
Jun 17, 2017 - 11:28
But the DUP leader insisted it was now down to Sinn Féin whether an agreement is done. But Timmermans added that he expected Britain to leave the EU.

isis-killer-beheading-video-story-top Injured Capitol Police officer throws out first pitch
Jun 17, 2017 - 11:25
Capitol Police officer David Bailey - one of the heroes who took out shooter James T. Tim Kaine introduced the bill Thursday in the Senate, where it passed unanimously.

isis-killer-beheading-video-story-top Was Dylan too freewheelin' in borrowing for Nobel lecture?
Jun 16, 2017 - 06:43
After months of speculation, Dylan gave his lecture earlier this month to the Nobel Academy in Los Angeles . For instance, Dylan spoke of how: "The ship's crew is made up of men of different races".

Putin denounces latest sanctions passed by US Senate
Jun 16, 2017 - 06:40
In a personal moment, Putin demanded that his children and grandchildren be "left in peace", outside of the public eye. He stated that no one talks directly about the issue because they do not want to quarrel with the United States .

isis-killer-beheading-video-story-top Trump Lashes Out at Hillary Clinton as Russia Probe Turns to Him
Jun 16, 2017 - 06:39
Attorney General Jeff Sessions , Trump's son-in-law Jared Kushner and campaign advisor Paul Manafort have also been implicated. Comey testified under oath earlier in June that Trump asked him during a one-on-one discussion to drop the probe.

CAPITOL HORROR: Gunman targets Republican congressmen; four wounded; shooter killed
Jun 16, 2017 - 06:39
Members of Congress have said Thursday's charity baseball game will go on as planned, in a show of unity after the shooting spree. Authorities believe the 66-year-old had lived in his van near the scene of the shooting in Alexandria , Virginia, since March.

isis-killer-beheading-video-story-top Will Salman Khan's Tubelight release in Pakistan? Here's what the makers said
Jun 16, 2017 - 06:37
For the first time, Pakistan filmmakers have spent their 260 million for the movie Yalghaar and the other movie is Shor Sharaba . Asked for his opinion on war, the actor, who plays the missing soldier's brother, said the film uses war to talk of peace.

isis-killer-beheading-video-story-top NBC Holding 'Crisis Meetings' Over Megyn Kelly-Alex Jones Interview
Jun 16, 2017 - 06:36
Trump , she said , has helped elevate Jones with his attention and letting " Infowars " in some White House events, she said. To say this is not how NBC envisioned Kelly's first few weeks is an understatement.

isis-killer-beheading-video-story-top Trump to announce plan to stop cash flow to Cuban military
Jun 16, 2017 - 06:26
Polls suggest most Americans support the liberalized policy towards Cuba pushed by the Obama administration. Trump will justify his partial reversal of Obama's measures to a large extent on human rights grounds.