Walmart Inc is selling menswear brand Bonobos to Express Inc and WHP Global for $75 million, a far lower price than what it paid nearly six years ago.
Bonobos, which Walmart acquired for $310 million in June 2017, sells menswear ranging from suits and trousers to swimwear online.
WHP Global will acquire the Bonobos brand for $50 million, while Express will acquire the operating assets and assume related liabilities of the Bonobos business for $25 million, the companies said on Thursday.While Walmart purchased Bonobos in a bid to build a cachet of upmarket online brands and attract young shoppers, the retail giant struggled to make the brand profitable and laid off dozens of employees in 2019.
"We're now in a phase that is less about scaling... eCommerce assortment... and more about execution and operating margin improvement," Walmart CEO Doug McMillon said at its investor meeting last week.
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