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Walmart is acquiring the online men’s clothing company Bonobos for $310 million

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Retail giant Walmart announced that it is acquiring Bonobos, an online-only men’s clothing company, for $310 million.

The acquisition is part of the company’s plan to revamp its business model and expand its digital presence.

In its most recent quarter, Wal-Mart reported growth of 63 percent in US e-commerce sales. Last year, the company acquired the e-commerce giant Jet.com for $3.3 billion. The retailer then placed the founder of Jet, Marc Lore, in charge of its US e-commerce operations.

The deal comes at a time when traditional bricks-and-mortar retailers are struggling to maintain market share as more consumers make the switch to shopping online.

Once the Bonobos acquisition is completed, Andy Dunn, founder and CEO of Bonobos will report to Marc Lore and “oversee the company’s collection of digitally-native vertical brands.”

“We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving,” said Lore.

“Adding innovators like Andy will continue to help us shape the future of Walmart, and the future of retail. I’m thrilled to welcome Andy and the entire Bonobos team.

“They’ve created an amazing product and customer experience, and that will not change. In fact, Andy will be a great influence on the company, especially in leading our collection of exclusive brands offered online.”

Bonobos CEO Andy Dunn said:

“We began Bonobos ten years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways. That will always remain our mission.

“We are excited about applying all that we have learned to help shepherd in the next era of retail.”