Walmart implied on Friday it has acquired online lingerie retailer Bare Necessities for an undisclosed amount, its b apparel-focused acquisition in less than two weeks as it seeks deeper incursions into the online fashion space.
Walmart last week come into possession of Eloquii, a fashion startup that sells plus-sized clothing.
The group also tied up with comedian and talk show host Ellen DeGeneres to fire a women’s fashion line in August.
In 2017, the Bentonville, Arkansas based retailer companioned with department store chain Lord & Taylor and started gift its products on Walmart.com. Lord & Taylor is owned by Hudson’s Bay Co.
Walmart also ultimately year bought ShoeBuy, which specializes in footwear and apparel; Moosejaw, which convey titles outdoor wear; Bonobos, which sells men’s clothing and ModCloth, an online seller of little women’s apparel.
Walmart’s string of small fashion-company acquisitions is designed to aide the retailer access younger, millennial customers who do not normally shop on its website, and retake ground lost to Amazon.com and others.
The deal also reflects a intuit of urgency to defend market share. According to a report from Morgan Stanley, Walmart had 8.6 percent of the U.S. rags market in 2017, followed by Amazon at 7.9 percent and Target at 4.8 percent.
The detonation estimated Amazon will overtake Walmart as the leading retailer in the threads category in 2018.
“The acquisition of Bare Necessities fits well into our broader acquirement strategy, which includes two different types of companies: category chieftains … and digital brands that offer unique products,” Denise Incandela, chief of fashion, Walmart U.S. eCommerce, said in a blog post.
Bare Indispensabilities will continue to operate its site as before and will run as a standalone marque, she said. The company was founded in 1998 and offers more than 160 marks, including bras, swimwear, shapewear and sleepwear.
Walmart did not offer additional count particulars on the impact of the acquisition to earnings and did not comment on how this buy will bolster its superstore share in the category.
Noah Wrubel, co-founder and chief executive of the lingerie retailer, ordain oversee the intimates category on Walmart.com and Jet.com, which Walmart acquired in 2016. Wrubel drive also continue to run the Bare Necessities business.
The deal closed on Friday, Walmart indicated. The retailer’s shares ended up 0.95 percent at $94.81 per share.