Wal-Mart to buy Bonobos for $310 mln


Reuters

UPDATE 1-Wal-Mart to buy Bonobos for $310 mln


(Adds details)
    June 16 (Reuters) - Wal-Mart Stores Inc <WMT.N> said it
would buy online men's fashion retailer Bonobos Inc for $310
million in cash, the retailer's fourth e-commerce acquisition in
less than a year.
    Bonobos' clothes and accessories will be offered on
Wal-Mart's Jet.com, the company said in a statement.
[nL1N1HM0R1]
    Wal-Mart's shares were down about 6 percent at $74.43 in
morning trading on Friday, after online rival Amazon.com Inc
<AMZN.O> said it would buy upmarket grocer Whole Foods Market
<WFM.O>.
    The world's biggest retailer has been working aggressively
to close the gap with rival Amazon.com Inc <AMZN.O> under the
leadership of Chief Executive Doug McMillon and new e-commerce
chief Marc Lore.
    Wal-Mart bought online women's fashion retailer ModCloth,
outdoor clothing and gear retailer Moosejaw and footwear
retailer Shoebuy in the first three months of this year.
    The acquisition is expected to close towards the end of the
second quarter or the beginning of the third quarter of
Wal-Mart's fiscal year ending January 2018, the company said.
[nBw7RYml8a]
    Recode had reported in April that Wal-Mart was in advanced
discussions to buy Bonobos and that the company had $100 million
to $150 million in revenue. [nL1N1HM0R1]

 (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil
D'Silva)
 ((sruthi.ramakrishnan@thomsonreuters.com; Within U.S.+1 646 223
8780, outside U.S. +91 80 6749 1130; Reuters Messaging:
sruthi.ramakrishnan.thomsonreuters.com@reuters.net))

Keywords: BONOBOS M&A/WALMART (UPDATE 1)



This article appears in: World Markets , Stocks , Technology
Referenced Symbols: AMZN , WFM , WMT


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