Bonobos founder and CEO Andy Dunn will also join Walmart to oversee the retailer's digitally native vertical brands. The Bonobos acquisition is part of Walmart's plan to enhance its e-commerce presence.
The retailer focused on men's casual shirts that are designed to be worn untucked said venture capital firm Kleiner Perkins Caufield & Byers had invested $30 million in the company's first major round of fundraising.
Wal-Mart Stores Inc on Thursday reported higher-than-expected quarterly sales at established U.S. stores, as more customers visited the discount retailer and its e-commerce push boosted online purchases.
Despite its high-profile purchase of jet.com last year and spate of e-tail acquisitions, the 800-pound gorilla of retail is running hard to play catch up in a segment where it is neither the biggest nor the best.
Wal-Mart Stores Inc is in advanced discussions to buy online men’s fashion retailer Bonobos, according to a report on Friday.Wal-Mart and Bonobos have agreed on a price and the deal is in final due diligence, it said.