Express, Inc. (EXPR) and brand management firm WHP Global have entered into an agreement with Walmart to acquire direct-to-consumer menswear retailer for a combined $75M.
Founded online in 2007, Bonobos started out by selling men’s pants, building a strong following with a focus on product fit and customer experience. It went on to expand its assortment to include a wider variety of men’s clothing.
The company also entered brick-and-mortar, opening stores — “guideshops” — that act as showrooms where customers can get expert advice and try on and buy merchandise, with the goods delivered to them afterwards. According to its website, Bonobos currently operates 60 shops nationwide.
Under the terms of the deal, WHP will acquire the Bonobos brand for a purchase price of $50M. EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business for a purchase price of $25M. It is the first acquisition to be made jointly by the two companies since they completed their strategic partnership earlier this year, which included WHP buying a 60 per cent stake in the Express brand.
