Bonobos Founder Andy Dunn is Leaving Walmart
Bonobos founder Andy Dunn is leaving Walmart two-and-a-half years after the retail giant acquired the online menswear retailer for $310 million in 2017. Dunn announced his departure in a LinkedIn post and did not say what he would be doing next. Bonobos is one of several digital-native brands that Walmart has acquired in recent years in an effort to grow its e-commerce business and compete with Amazon. Other acquisitions include Walmart’s $3 billion purchase of Jet.com, whose founder Marc Lore currently serves as president and CEO of Walmart’s U.S. e-commerce operations, Moosejaw, Eloquii, and ModCloth. At the time of the Bonobos acquisition, Dunn joined Walmart as senior vice president of digital consumer brands and reported to Lore. Walmart’s acquisition strategy has since slowed as its U.S. e-commerce business continues to lose money and some of its acquired brands remain unprofitable, according to a report from Vox. The company recently sold Modcloth, an online women’s apparel brand it acquired in 2017, to financial services firm Go Global Retail and had considered offers for Bonobos.