Wal-Mart Stores in advanced talks to buy online men's fashion retailer Bonobos
15 April 2017
Wal-Mart Stores Inc is in advanced talks to buy online men's fashion retailer Bonobos Inc, technology news website Recode yesterday reported, citing sources.
Both companies have agreed on a price and Wal-Mart is conducting final due diligence, the report said.
Recode could not find out the deal price, but Bonobos has $100 million to $150 million in revenue and was valued at $300 million when it raised $55 million in 2014.
Founded in 2007 by Andy Dunn and Brian Spaly, Bonobos is an e-commerce apparel firm that designs and sells men's clothing.
It offers a full line of men's suits, trousers, denim, shirts, shorts, swimwear, outerwear and accessories.
Backed by investors like Forerunner Ventures, Lightspeed and Mousse Partners, Bonobos has also opened over two dozen brick-and-mortar showrooms, called Guideshops, where customers can get fitted and place orders to be delivered to their home, the report added.
The deal would be the fourth e-commerce acquisition by Walmart in recent times in order to compete with online retail giant Amazon.com
Its acquisitions include Jet.com, women's online retailer ModCloth, outdoor gear seller MooseJaw and online shoe site ShoeBuy.