Walmart to Acquire Bonobos for $310 Million
Posted on June 18, 2017
Walmart has announced it has entered into an agreement to acquire Bonobos for $310 million. Bonobos is a men's clothing brand. Bonobos also runs a golf apparel brand named Maide. The deal is expected to close around the third quarter of this year. Chicago Bulls star Jimmy Butler is pictured above in the Bonobos campaign from last year.Bonobos founder and CEO Andy Dunn will be joining Walmart to oversee Walmart's collection of online consumer brands. These brands will offers a sites including Jet.com, Bonobos and ModCloth.
Dunn says in a statement, "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. 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."
Marc Lore, president and CEO of Walmart U.S. eCommerce, says, "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."
Bonobos has 35 Guideshops in the U.S. The Guideships are describes as e-commerce stores that "deliver personalized, one-to-one service to those wanting to experience the brand in person." Bonobos clothing is also sold in 118 Nordstrom stores and online at nordstrom.com.
Andy Dunn stopped by CBS This Morning to discuss Bonobos and the retail landscape.