Wal-Mart Scoops Up Bonobos, Andy Dunn To Lead Digital Brands
The $310 million deal has been in the works for months.
Wal-Mart Stores Inc. is continuing on its digital tear and is officially set to acquire men’s line Bonobos for $310 million.
Wal-Mart and the digital-born brand have been in talks for months, as previously reported by WWD, but the role Bonobos chief executive officer Andy Dunn would play if the deal went through remained a question.
The answer is Dunn will oversee Wal-Mart’s growing collection of “digitally-native vertical brands,” including Bonobos and ModCloth, which the mega-retailer acquired in March.
Bonobos will be offered online through Jet.com, another more-recent Wal-Mart acquisition headed up by Marc Lore, to whom Dunn will report.
“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,” said Lore. “Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail.”