Walmart Is Buying Men’s Clothing Firm Bonobos for $310M

Turns out, Friday was a big day for big acquisitions.  Amazon is buying Whole Foods, and Walmart is buying Bonobos.

According to reports, the deal will be worth $310 million in cash.

The purchase is one of several Walmart has made in recently as it attempts to be more competitive with Amazon and offer a more varied eCommerce business that better targets the needs of younger shoppers. Bonobos was founded in 2007 and has since expanded to 35 brick-and-mortar shops nationwide.  It is currently in a partnership agreement with Nordstrom.

Under the deal, Bonobos CEO Andy Dunn will report to Marc Lore, Walmart’s president and CEO of eCommerce, who is also CEO of Jet.com. Lore oversees many of Walmart’s new digital acquisitions.  Bonobos will join a stable that now includes Modcloth, ShoeBuy and Moosejaw.

“Adding innovators like Andy will continue to help us shape the future of Walmart and the future of retail,” Lore said. “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.”

The acquisition, which is subject to regulatory approval, is expected to close toward the end of the second quarter or sometime early in Q3.

More on this story as it develops.