Walmart Just Bought Menswear Retailer Bonobos For $310 Million And Bonobos Customers Aren’t Exactly Thrilled
Only 10 years old, online menwear retailer Bonobos has done a tremendous job at selling quality threads without a true brick-and-mortar presence like it’s much more established competitors in the space. You know, the J.Crews, Banana Republics, and Nordstrom Rackeds of the world, etc etc. Their clothes are both affordable and stylish, worn by millions of men every day around the country at work and on the go. On top of that, the online-first approach has let Bonobos cultivate a loyal following with the digital-first crowd, becoming a pretty big force to be reckoned with in online retail.
One retailer took notice, especially as the company started to move more offline in approach, opening up haberdasheries in cities around the country. That retailer was Walmart, who just today announced that they’ll be buying Bonobos for $310 million: Andy Dunn, the company’s founder and CEO, will still oversee the brand, exclaiming the following in a statement:
“We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving. Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail. I’m thrilled to welcome Andy and the entire Bonobos team. They’ve created an amazing product and customer experience, and that will not change. In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online.”
Meanwhile, on Twitter, the company blasted out the following statement:
But the move wasn’t exactly met with open arms. Bonobos customers are ticked that their closets are now filled with clothing that’s essentially made by Walmart — Not exactly a company known for the world’s highest production standards when it comes to quality. In fact, some of the company’s most vocal evangelists on Twitter are planning on ditching Bonobos moving forward: