Bonobos will join Walmart’s growing portfolio of e-commerce brands; meanwhile, Amazon will help Whole Foods continue to operate its locations.
Walmart will pay $310 million in cash for Bonobos, giving the brick-and-mortar retailer an even larger stake in the e-commerce sphere following its
, all in the last year. These previous acquistions have already led to a 63 percent jump in the company’s U.S. e-commerce sales in the most recent quarter.
As part of the Bonobos acquisition, Andy Dunn, founder and chief executive officer of Bonobos, has signed on to oversee Walmart’s collection of digitally native, vertical brands. The acquisition is expected to close toward the end of the second quarter or beginning of the third quarter of this fiscal year.
“We’re seeing momentum in the business as we expand our value proposition with customers
The grocery chain will continue to operate stores under the Whole Foods Market brand as well as source from trusted vendors and partners around the world. John Mackey will remain as Whole Foods’ chief executive officer.
“This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” say Mackey.
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