Wal-Mart To Acquire Bonobos For $310M, Says Andy Dunn To Report To Marc Lore

Walmart announced it has entered an agreement to acquire Bonobos, an apparel brand built on the internet, for $310M in cash.

Following the closing, Andy Dunn, founder and CEO of Bonobos will report to Marc Lore, president and CEO of Walmart U.S. eCommerce, and oversee the company's collection of digitally-native vertical brands. These are brands born online, and owned from design through distribution. The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, and include Bonobos and recently-acquired ModCloth. The addition of Bonobos is part of a broader e-commerce strategy to enhance the customer value proposition.