Walmart announced Friday it is buying online apparel company Bonobos for $310 billion to further beef up its e-commerce operation as it continues to compete with Amazon.
The move comes the same day as Amazon announced plans to buy Whole Foods Market to further expand into the grocery world.
Andy Dunn, founder and CEO of Bonobos will stay on, and he will oversee Walmart’s collection of online-based brands. Dunn will report Marc Lore, the Jet.com founder who became Walmart’s e-commerce chief after the retail giant acquired the startup for $3.3 billion.
Bonobos was founded at Stanford in 2007 as an online-only men’s retailer. In 2011, the New York City-based company began opening brick-and-mortar “Guideshops” where men could get fitted for suits and other clothing and then have their items delivered to their homes a few days later. The unusual model caught the attention of Seattle-based retail giant, Nordstrom, which invested $55 million in 2014 and began carrying Bonobos items in stores.