Wal-Mart Stores subsidiary Jet has acquired US-based online footwear, clothing and accessories retailer ShoeBuy in a $70m deal.
Featuring more than 800 brands, ShoeBuy will operate as a standalone and complementary site.
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The acquisition has been designed to help Jet expand its footwear selection, which is part of Wal-Mart’s efforts to add new products to its portfolio.
The company stated that ShoeBuy will enable access to a large assortment of products to further improve its customer experience.
ShoeBuy CEO Mike Sorabella, his executive team, and more than 200 employees will continue to be based in Boston, US.
Wal-Mart acquired Jet for approximately $3bn last September, and both companies will leverage new solutions to develop new products.
Jet reached $1bn in run-rate gross merchandise value (GMV) and offered 15 million SKUs in its first year.
The company has more than 400,000 new shoppers added each month, and a daily average of 25,000 processed orders.
Image: Walmart's Official Headquarters in Bentonville, Arkansas. Photo: courtesy of Brandonrush via wikipedia.
