Today Walmart Stores Inc. (Bentonville, Ark.) confirmed months of speculation surrounding its rumored $310 million acquisition of e-commerce menswear brand Bonobos (New York).
The deal has been in talks since April, but it was unclear if Bonobos CEO Andy Dunn would be a vital player in the resulting partnership, if it in fact went through, according to Women's Wear Daily. Walmart confirms that the now-ceo would be in charge of its acquired digital brands, including Modcloth and Bonobos, as the company strives to bring the brands to its e-commerce platform Jet.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,” said Walmart CEO Marc Lore. “Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail.”