1 year ago
Retail giant Walmart wants in on Amazon’s online marketshare. And at least in theory, they’re gaining some ground through the acquisition of a company and its formidable founder.
According to Bloomberg, Walmart’s inched closer to Jeff Bezos‘ behemoth since its August 2016 acquisition of Jet.com, when it installed the startup’s management team, most notably founder/CEO Marc Lore, atop Walmart’s e-commerce operation. Their goal? “[To] repurpose Walmart’s historically underachieving internet operation to compete in the age of Amazon,” per Bloomberg.
The two companies have a not-so-friendly history. In 2010, Walmart attempted to buy another online retail brand founded by Jet.com’s CEO Marc Lore—but lost out to Amazon. Lore worked with Amazon for a few years before quitting, disappointed by the company’s lack of interest in the acquisition, and the uneven way it integrated his team with the mother ship’s.
Walmart has done the exact opposite with the Jet acquisition. And that puts Lore in the driver’s seat.
Walmart has also kept the acquisitions coming, snapping up ShoeBuy.com, ModCloth, and MooseJaw. Not to mention Bonobos, which it is reportedly close to cutting a giant deal for.
Does Lore have what it takes to be the David to Bezos’ Goliath?