Walmart has sold menswear brand Bonobos to brand management firm WHP Global and Express in a $75 million deal announced Thursday.
It’s the second time this year Walmart has offloaded a direct to consumer brand that it bought under former e-commerce President Marc Lore after it sold Moosejaw to Dick’s Sporting Goods in February.
Walmart originally purchased Bonobos in 2017 for $310 million while it was attempting to grow its online presence and compete with Amazon under Lore, who founded Jet.com. It was just one of the DTC brands the mega-retailer picked up under his tenure and later sold, including Bare Necessities, Shoes.com and ModCloth. Lore left Walmart in 2021.
Source: CNBC
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