"We began Bonobos 10 years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways". They can order online at the store and have their clothes delivered to their homes or office a few days later. They include Modcloth in March 2017, outdoor retailer Moosejaw for $51 million in February 2017, Hayneedle in March 2016, and Zappos-style shoe retailer ShoeBuy for $70 million from IAC. 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.
"Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail", Lore said in a statement.
Bonobos is one of the first apparel brands to launch and build its business primarily online. Don't think I'll be able to continue my support of Bonobos any longer. "In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online".
"Our company exists as a series of contrarian decisions", Dunn wrote in a blog post on Medium that was published Friday.
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An ad for Bonobos.Facebook/BonobosWalmart just acquired Bonobos and some loyal fans of the menswear brand are deeply disturbed by the news. Wal-Mart shares are down almost 6% in Friday premarket trading in the wake of the M&A news from Amazon.com Inc. "Moosejaw has been in business nearly 25 years and focused that entire time on the outdoor space so they have deep industry knowledge, deep industry relationships".
That knowledge is also being drawn upon to benefit the entire e-commerce network. For Bonobos, the acquisition by Walmart will help expand its business.
But after sitting down with the teams from Walmart and Jet.com and hearing their vision for Bonobos, "my mind exploded", Dunn wrote. Customers took to Bonobos' social media pages in droves - and the vast majority were not happy about the deal. Now it's trying to catch up with Amazon, the clear leader in that space, while capturing a customer that's younger, urban, and more affluent than the one it already has - the type of bro who buys his work wardrobe at Bonobos, say.