Walmart to acquire online men's clothing retailer Bonobos

Getty Images for Bonobos

The yellow smiley face is suiting up: Walmart is buying men's clothing company Bonobos.

However, Dun says Bonobos was basically able to preform a test of how people would react to the news two months before the acquisition was formally announced. The purchase announcement comes on the heels of news that Amazon is buying Whole Foods for almost $14 billion, also in cash, as previously reported by the Inquisitr.

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The brands Dunn will be responsible for, including Bonobos and the recently acquired ModCloth, will be offered on Jet.com and possibly other Walmart venues in various countries over time.

Wal-Mart said its e-commerce sales were up 64% last quarter, with "the majority coming from organic growth in Walmart.com". She noted that Walmart can learn from these millennial customers.

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"Unfortunately, while this may make sense on a spreadsheet or in a conference room, in the real world it represents the end of the Bonobos brand, " he said, adding that some Bonobos customers were not pleased with news of the pending deal. The retail giant will buy the men's e-commerce site to join its growing roster of online brands.

In March 2016, the also bought Hayneedle in March 2016, and Zappos-style shoe retailer ShoeBuy for $70 million from IAC. 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.

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Bonobos is a clothing brand focused on delivering a fun approach to menswear, a great fit, and an excellent customer experience. "That will always remain our mission", Dunn, who will oversee Walmart's collection of "digitally-native vertical brands", said in a statement. Even as other fashion outlets like J. Crew have seen diminishing returns of late, Bonobos is one of the few brands that continues to grow-around 30 percent year over year, Recode claims-by offering fast, no-hassle shipping and free returns, and making some pretty damn good trousers. The retailer also has rapidly expanded its online assortment to more than 50 million items as well. Dunn will report to Marc Lore, president and CEO of Walmart U.S. ecommerce, and founder and former CEO of Jet.com, which Walmart acquired a year ago. "They have access to brands, buying teams ... they have merchants and software engineers that might not move to Bentonville or Silicon Valley", he said.

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