7 months ago
Call it a big-box-ing match. Walmart has been doing its best to keep up with online retail juggernaut, Amazon, including tweaking its e-commerce operations.
But today, both companies have fired shots across each other’s bows.
Walmart announced it would be acquiring men’s clothing company Bonobos for $310 million, per The New York Times. The deal was announced, after Amazon revealed it was buying Whole Foods for $13.4 billion.
After recent reports that Amazon’s market value is now twice that of Walmart, the latter has been doing everything it can to keep up its side of the retail prize fight.
Bonobos is a decade-old online men’s clothing retailer, which began by selling pants and expanded to shirts, suits, and accessories. It also has a number of brick-and-mortar locations across the country.
Per the Times, Bonobos co-founder and chief executive, Andy Dunn, will be tasked with overseeing Walmart’s digital brands, which also include its other recent acquisition, ModCloth.