Walmart buys online retailer Bare Necessities
The forward march of Walmart, as it seeks to attract ever more profile and sales from online, continues with the acquisition of Bare Necessities. The company is a purely online retailer that specialises in the sales of bras and underwear for women. But it does also sell male undies.
As part of the deal the Bare Necessities CEO and Co-founder Noah Wrubel will join Walmart as the head of the intimates category on both Walmart.com and Jet.com whilst also continuing to run the underwear business. They say that over time, Bare Necessities products will be made available on Jet.com and Walmart.com. The acquired company was founded in 1998 and they say that they stock over 100,000 SKUs from more than 160 brands.
As a Walmart executive says of the acquisition deal:
The acquisition of Bare Necessities fits well into our broader acquisition strategy, which includes two different types of companies: 1) category leaders with specialized expertise and assortment that can help enhance the customer experience on Walmart.com and Jet.com (think Hayneedle, Moosejaw and Shoes.com) and 2) digital brands that offer unique products customers can’t find anywhere else (think Bonobos, ModCloth and the recently-acquired ELOQUII). Bare Necessities fits into the former.
– Denise Incandela, head of fashion, Walmart U.S.