Walmart has eventually confirmed it’s buying Bonobos for $310 million.
The retail mega-giant will buy the men’s e-commerce site to join its growing roster of online brands. Walmart has been on an acquisition spree this year, led by Jet.com founder and now Walmart U.S. e-commerce CEO Marc Lore.
Walmart bought Jet.com almost a year ago to up its competition against Amazon. Since then, Walmart has introduced more competitive free shipping, added discounts for in-store pickup that Amazon can’t really offer, bought the trendy women’s online retailer ModCloth, and now acquired Bonobos.
Bonobos founder and CEO Andy Dunn will report to Lore, and Bonobos could still stay a separate brand from Walmart. The company said in its announcement that part of its e-commerce strategy is adding best-in-class vertical consumer brands to continue to sell on those independent sites and eventually on the still-active Jet.com.
Walmart’s major acquisition news might have been outdone by Amazon today. But its fight against Amazon is still kicking into high gear.