Wal-Mart To Acquire Menswear Company Bonobos For $310 Million

Wal-Mart Stores Inc. said Friday that it will acquire menswear company Bonobos for $310 million in cash. Bonobos launched online in 2007, and opened its first shop in 2011. The deal is expected to close toward the end of the second quarter or the beginning of the third quarter. Andy Dunn, founder and chief executive of Bonobos, will report to Marc Lore, chief executive of Walmart U.S. e-commerce. Dunn will oversee Bonobos and ModCloth, Wal-Mart's collection of digitally-native brands. In recent months, Wal-Mart has also acquired other online fashion companies including Moosejaw and ShoeBuy. Wal-Mart shares are down nearly 6% in Friday premarket trading in the wake of the M&A news from Amazon.com Inc. and Wal-Mart Stores Inc. . Wal-Mart shares are up 14.2% for the year so faf while the S&P 500 index is up 8.7% for the period.