Walmart Inc. of Bentonville has agreed to sell menswear brand Bonobos Inc. to management firm WHP Global and fashion retailer Express Inc. in a $75 million deal, the companies announced.
Walmart acquired Bonobos for $310 million in 2017. The apparel company is one of several direct to consumers brands that Walmart purchased around that time to build its online presence and compete with Amazon.
Bonobos is the second brand that Walmart has agreed to sell this year as it adjusts its direct-to-consumer portfolio. A deal to sell outdoor retailer Moosejaw to Dick’s Sporting Goods was expected to close last month. The price of that transaction was not disclosed.
The deal for Bonobos is expected to close in the second quarter of this year. Bonobos CEO John Hutchinson will become brand president of Bonobos and report to Tim Baxter, CEO of Express.