Walmart's Jet acquires ShoeBuy from IAC
In a deal valued at $70 million, Jet, now owned by Walmart, has acquired ShoeBuy from IAC. The move is likely part of Walmart's effort to compete against Amazon, specifically its online shoe store Zappos.
The deal, closed December 30, gives Jet and Walmart a stand-alone online shoe store that currently carries over 800 brands. Shoebuy also offers accessories and other clothing items, boasting an inventory of over 1 million SKUs.
ShoeBuy was founded in 1999 in Boston, MA, where it will continue to operate, relying on the same management team and staff. The deal will also give ShoeBuy suppliers the option to expand their consumer reach through selling on Jet.
In a statement about the acquisition, Walmart said: "Jet will gain the experience of a well-established ecommerce player in the footwear industry, who has transformed the online shopping experience for millions of customers. ShoeBuy brings access to a large assortment of products, strong industry relationships, and rich content that will further enhance our customer experience."
Walmart made retail headlines in September when it agreed to acquire internet e-commerce company Jet.com for $3.3 billion. The deal, which was the largest amount ever paid for an online e-commerce startup, was a clear signal that Walmart intends to go toe to toe with Amazon. The Jet.com purchase capped a string of e-commerce and technology acquisitions made by Walmart over the past five years.
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