Walmart has agreed to acquire the men’s clothing company Bonobos for $310 million. The purchase is part of a sweeping effort by the world’s largest retailer to revamp its business model as it tries to better compete with Amazon, which on Friday announced that it would buy the upscale grocer Whole Foods for $13.4 billion. Bonobos, founded 10 years ago in New York, began by selling simple chino pants on the internet. In recent years, it has expanded to offer shirts, suits and other men’s clothing, and has opened dozens of brick-and-mortar locations, as well as boutiques in Nordstrom department stores, a previous investor in the start-up.
Bonobos Gets $55 Million Investment to Open More Clothing Stores for Dudes
Bonobos, the online men’s clothing shop, has raised a new $55 million investment from Coppel Capital, Mousse Partners, Nordstrom and others, CEO Andy Dunn confirmed to Re/code. As The New York Times first reported, Bonobos will use a large chunk of the funds to increase its number of stores (what Bonobos calls Guideshops) from the current 10 to around 40 within two years. Bonobos shoppers visit the stores to try on different pants, shirts and suits, but have them delivered a few days later rather than carrying them out that very day.
Bonobos Heads South and Offline in Another Retail Pact
BONOBOS CEO: IF YOU'RE NOT SELF-AWARE, YOU HAVE NO HOPE OF SCALING
Andy Dunn wears his heart on his pantleg. "Emotions are the raw fuel of leadership," the Bonobos CEO says. "They’re contagious, yet emotions can cloud your judgment as much as empower your judgment." He believes that the hardest part of managing a business is managing your own psychology--how you process your emotions, how you influence your own experience, and how you actually decide to feel.