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Wal-Mart will buy Bonobos for $310 million in cash

  • Wal-Mart Stores said it would buy Bonobos for $310 million.
  • Bonobos products will be offered on Jet.com.
  • Wal-Mart acquired three other e-commerce companies this year.

Wal-Mart Stores said it would buy online men's fashion retailer Bonobos for $310 million in cash, the retailer's fourth e-commerce acquisition in less than a year.

Bonobos' clothes and accessories will be offered on Wal-Mart's Jet.com, the company said in a statement.

Wal-Mart's shares were down about 6 percent at $74.43 in morning trading on Friday, after online rival Amazon.com said it would buy upmarket grocer Whole Foods Market.

The world's biggest retailer has been working aggressively to close the gap with rival Amazon.com under the leadership of Chief Executive Doug McMillon and new e-commerce chief Marc Lore.

A Bonobos 'guideshop' stands in lower Manhattan on April 18, 2017 in New York City.
Getty Images
A Bonobos 'guideshop' stands in lower Manhattan on April 18, 2017 in New York City.

Wal-Mart bought online women's fashion retailer ModCloth, outdoor clothing and gear retailer Moosejaw and footwear retailer Shoebuy in the first three months of this year.

The acquisition is expected to close towards the end of the second quarter or the beginning of the third quarter of Wal-Mart's fiscal year ending January 2018, the company said.

Recode had reported in April that Wal-Mart was in advanced discussions to buy Bonobos and that the company had $100 million to $150 million in revenue.