Walmart has agreed to sell Bonobos to WHP Global and Express for $75 million after purchasing the DTC brand for $310 million in 2017.
WHP, which took a 60% stake in Express in December, will acquire the Bonobos brand for $50 million, the company said in a news release. Express will get Bonobos's operating assets and related liabilities for $25 million.
"Bonobos is delivering double-digit sales growth and we plan to continue that momentum while also realizing operating synergies and other economies of scale," Express CEO Tim Baxter said in a statement. "Bonobos joined the Walmart family to expand our assortment and expertise in Menswear. Since acquiring Bonobos, Walmart.com has grown from 70 million to hundreds of millions of items," the spokesperson said.
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