Walmart Sells Menswear Brand Bonobos
Express and WHP Global Acquire in $75 Million Deal
Bonobos CEO Andy Dunn Departs After a Decade of Leadership
Walmart Inc. has sold its menswear brand, Bonobos, to brand management firm WHP Global and Express in a $75 million deal. The sale includes the Bonobos brand, website, and retail stores. Bonobos CEO Andy Dunn will depart the company after a decade of leading the brand's growth.
Bonobos was founded in 2007 as an e-commerce-driven apparel company specializing in menswear. Over the past 15 years, the brand has expanded to include physical retail stores in the United States and Canada. Bonobos is known for its upscale designs, high-quality materials, and unique e-commerce experience.
The sale of Bonobos marks a strategic shift for Walmart, which has been divesting non-core assets to focus on its core businesses. Walmart has sold off several brands in recent years, including ModCloth, ShoeBuy, and Moosejaw. WHP Global and Express are both experienced brand management companies with a proven track record of developing and growing successful brands.
The sale of Bonobos is expected to close in the second quarter of 2023. The deal is subject to customary closing conditions.
Walmart's decision to sell Bonobos signals a changing landscape in the retail industry. As e-commerce continues to grow, traditional retailers like Walmart are facing increasing competition from online-only brands. The sale of Bonobos is likely a strategic move by Walmart to focus on its core businesses and adapt to the changing retail environment.
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