On Thursday, Walmart announced the sale of men’s clothing brand Bonobos to brand management firm WHP Global and Express for $75 million.
This is the second direct-to-consumer brand Walmart has sold this year, following the sale of Moosejaw to Dick’s Sporting Goods in February. Walmart purchased Bonobos in 2017 for $310 million under the leadership of former e-commerce President Marc Lore, who founded Jet.com.
Other DTC brands Walmart acquired during Lore’s tenure and later sold include Bare Necessities, Shoes.com, and ModCloth.
WHP will acquire a 60% stake in Express and purchase the Bonobos brand for $50 million, while Express will acquire Bonobos’s operating assets and related liabilities for $25 million. As part of the deal, Express will license the Bonobos brand from WHP in exchange for royalty fees. The transaction is expected to close in late July 2023.
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