Venerdì, 23 Giugno, 2017

Walmart is buying Bonobos for $310 million

Messalina Adamo | 18 Giugno, 2017, 00:53

Bonobos, launched in 2007 with a signature line of better-fitting men's trousers, opened physical "Guideshop" stores in 2011, and partnered with Nordstrom in 2012.

The company also owns home furnishings company Hayneedle, which was acquired as part of Wal-Mart's $3.3 billion acquisition of Jet.com last August. In its most recent quarter, Walmart saw 63% growth in US ecommerce sales, the majority coming from organic growth in Walmart.com.

"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", Marc Lore, Wal-Mart's USA e-commerce chief, said in a statement.

"Call me insane, but I'm hoping we can build something standalone", Dunn said.

Bononos, a men's clothing brand, launched online in 2007 and quickly expanded offline to open Bonobos Guideshop stores and gained a partnership with Nordstrom Inc. Its market strategy differs from that of Walmart, Bonobos CEO Andy Dunn said in a statement Friday.

"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".


Bonobos co-founder and CEO Andy Dunn, and other top executives, can earn an extra $20 million combined if they remain with Walmart for four years, one of these people said. It also means that Bonobos clothing is not available on Amazon.com. They've created an incredible product and customer experience, and that will not change. Dunn will oversee the company's collection of online brands - including Bonobos - which will be offered on Jet.com and possibly other sites.

Walmart today doubled down on its efforts to continue building out a online retail fashion business in its bid to outpace Amazon in the wider world of commerce and specifically e-commerce.

Bonobos generates between $100 million to $150 million in annual revenue and attracts young, urban customers with its slim-fitting trousers, shirts, jackets, and suits. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity.

For the transaction, Citi is serving as financial adviser to Bonobos, with Fenwick & West LLP acting as its legal adviser, while Weil, Gotshal & Manges LLP and Hogan Lovells are serving as legal advisers to Walmart.

"I saw Walmart acquire Jet and then ModCloth, and, I thought, they get the future of e-commerce is brands", Dunn said in a telephone interview with the New York Times.

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