Walmart makes another key acquisition
Walmart is making another play for online shoppers with the acquisition of Bare Necessities, a leading e-comm retailer for intimates.
Walmart says the move is part of its strategic effort to acquire category leaders with specialized expertise and assortment that can help enhance the customer experience on Walmart.com and Jet.com.
Bare Necessities will continue to operate its website and will run as a standalone and complementary brand to Walmart’s other e-commerce sites, according to a statement from the company.
The acquisition follows several recent efforts by Walmart.com to establish itself as a fashion destination including, expanding its assortment by introducing new brands like the recently launched exclusive EV1 line with Ellen DeGeneres and its Lord & Taylor premium brands shop.
"Customers are starting to see a different experience when they shop Walmart.com for fashion. As we continue to build our assortment, we are also focused on bringing on the right talent and expertise to drive our fashion business," said Denise Incandela, Head of Fashion, Walmart U.S. eCommerce.
Bare Necessities was founded in 1998 and offers more than 100,000 SKUs from more than 160 brands, including an extensive assortment of bras, swimwear, shapewear and sleepwear. Intimates, a category that has been aggressively growing online, has complex sizing and highly specialized products.
"The acquisition of Bare Necessities fits well into our broader acquisition strategy, which includes two different types of companies: 1) category leaders with specialized expertise and assortment that can help enhance the customer experience on Walmart.com and Jet.com (think Hayneedle, Moosejaw and Shoes.com) and 2) digital brands that offer unique products customers can’t find anywhere else (think Bonobos, Modcloth and the recently-acquired ELOQUII). Bare Necessities fits into the former," said Incandela.
As part of the acquisition, Noah Wrubel, CEO and co-founder of Bare Necessities, will lead the intimates category for both Walmart.com and Jet.com, while also continuing to run Bare Necessities.