Walmart is selling Bonobos to Express and WHP for $75 million, a fraction of what it paid for the menswear brand in 2017
and the management firm WHP Global, the companies said Thursday. WHP Global will buy Bonobos’s brand for $50 million, while Express will acquire Bonobos’s operating assets and assume the related liabilities of the business for $25 million.in 2017, part of a string of deals by the world’s largest retail chain aimed at attracting wealthier shoppers and more-fashion forward brands.
Bonobos started out as an online brand in 2007 and has since opened more than 60 physical locations where consumers can try on clothes. Bonobos recorded around $200 million in sales last year.Shares of Express rose more than 20% in after-hours trading Thursday after the acquisition was announced. Bonobos’s Chief Executive John Hutchison will become the brand’s president, reporting to Express CEO Tim Baxter after the transaction closes in the second quarter.Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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