Walmart to acquire online men's clothing retailer Bonobos
NEW YORK (AP) - Walmart says it's buying online men's clothing retailer Bonobos for $310 million in cash, showing that its appetite for hip clothing brands shows no sign of abating as it looks for ways to gain on Amazon.
Bonobos, which started out selling pants online, caters to male shoppers looking for help putting together a wardrobe.
It's a sign of the aggressive direction Wal-Mart is taking since buying Jet.com last year and keeping that company's founder as head of its online division. Wal-Mart has since bought clothing seller ModCloth, footwear retailer ShoeBuy.com and outdoor gear seller Moosejaw. Wal-Mart has focused on brands appealing to millennials.
The Bonobos deal, announced Friday, is expected to close at the end of the second quarter or the beginning of the third quarter of this fiscal year.