Many of these had been fuelled by its acquisition of Jet.com, which it acquired in 2016 for $3 billion. She noted that Walmart can learn from these millennial customers. In addition to acquiring existing online retailers like Jet.com and Bonobos, Walmart is building more and larger fulfillment centers to process orders more efficiently and outfitting it's 4,700 stores to work hand in hand with online.
"Adding innovators like Andy will continue to help us shape the future of Walmart, " said Lore.
"They've created an unbelievable product and customer experience, and that will not change", Lore said in the statement. Other acquisitions Walmart has made under Lore's guidance include online fashion retailer ModCloth, outdoor retailer Moosejaw and Shoebuy, a competitor to Zappos. But - perhaps in a very intentional bit of timing - nearly at the same time that Walmart announced its Bonobos acquisition, Amazon announced it would be buying Whole Foods for $13.7 billion, giving it a very, very significant leg up in its budding food retail business. Andy Dunn, the founder and CEO of Bonobos, is taking on the company's portfolio of "digitally-native vertical brands (brands born online, and owned from design through distribution)", according to a rep for Bonobos. The deal is expected to close later this year. "That will always remain our mission", Dunn said in a statement.
Bonobos is a clothing brand focused on delivering great fit, excellent customer experience, and a fun approach to menswear. It's the latest and most expensive in a series of relatively small apparel acquisitions made by Walmart in the previous year, including Modcloth, ShoeBuy.com, and the outdoor e-tailer Moosejaw. "Your customers are mainly people like me, millennials who shop online so as to avoid giving our dollars ... to community-killing super stores", one user wrote on Facebook. "They have access to brands, buying teams ... they have merchants and software engineers that might not move to Bentonville or Silicon Valley", he said. The company continues to operate each acquisition as a stand-alone site while the leaders of each online brand have been retained and placed in charge of their respective categories across Wal-Mart's platforms. "When Walmart acquired Jet, I realized the world is now changing even faster than I thought".