Doug McMillon, CEO of Wal-Mart, sat down with CNBC's Becky Quick for an in-depth interview to explain his vision behind the $3.3 billion deal to acquire e-commerce start-up Jet.com.
"If Wal-Mart were starting today and we were building an e-commerce business some of the things that Jet designed into their approach would have been things we would have thought of and we would have wanted to do, and they've just done it from scratch," said McMillon.
The move is Wal-Mart's biggest effort to date to stand up against Amazon.com in the online retailing space. Later in the conversation, Jet.com CEO Marc Lore joins in on how his company is expected to add immediate value to Wal-Mart's business model.
Other topics discussed in the interview include:
- Why it made sense for Wal-Mart to acquire a start-up rather than add to its own website.
- McMillon's long-term strategy and what it means for earnings.
- The pulse on consumer spending and where growth is taking place.
- Trade deals and how the political landscape may shape the future.
The entire in-depth interview is only available to CNBC PRO subscribers.
