Wal-Mart Stores, Inc. (NYSE: WMT) has agreed to buy online men's retailer Bonobos Inc. for $310 million in cash. The acquisition will help Wal-Mart expand Jet.com, which it acquired in 2016.
Bonobos, founded in 2007, is an online seller of men's apparel. In addition to e-commerce, New York-based Bonobos owns 35 physical stores across the U.S. The company also has a distribution deal with Nordstrom Inc. (NYSE: JWN).
Bentonville, Arkansas-based Wal-Mart has been growing its online presence through acquisitions. In 2017, the company acquired ModCloth and also added Moosejaw. “We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving,” says Wal-Mart CEO Marc Lore. CIti and Fenwick & West LLP are advising Bonobos. Weil Gotshal & Manges LLP and Hogan Lovells are advising Wal-Mart.
Retailers have been focusing on growing online and less on traditional stores. Plus-size fashion retailer Ashley Stewart Inc. turned its attention to e-commerce, staged a comeback and attracted a new majority investor in Invus Group LLC. In 2016, DSW Inc. (NYSE: DSW), the footwear and accessories retailer, bought Ebuys Inc. to expand online and L Catterton purchased Hanna Andersson.
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