(Filed Under wholesale Lingerie News). Walmart closed a deal to acquire Bare Necessities on Friday, October 12. Terms were not disclosed.
Both Noah Wrubel, CEO, and Bill Richardson, COO, the co-founders of Bare Necessities, will continue to manage the online retailer, which will operate “as a standalone and complementary brand to Walmart’s other eCommerce sites” according to information in a series of company releases.
Denise Incandela, head of fashion, Walmart U.S. eCommerce, welcomed the two executives “and the rest of the Bare Necessities team to the Walmart family. I look forward to working with them to build a best-in-class intimates customer experience across Walmart U.S. eCommerce.”
Wrubel will also “oversee the intimates category across Walmart.com and Jet.com,” according to the retail giant. “Over time, for those brands that would like to serve additional customers, Walmart will work to integrate Bare Necessities’ assortment onto Walmart.com and Jet.com.”
“The acquisition of Bare Necessities is a part of Walmart’s strategic effort to acquire category leaders with specialized expertise and assortment that can help enhance the customer experience on Walmart.com and Jet.com. This acquisition follows several recent efforts by Walmart.com to establish itself as a fashion destination including, expanding its assortment by introducing new brands like the recently launched exclusive EV1 line with Ellen DeGeneres and its Lord & Taylor premium brands shop.”
Founded in 1998, Bare Necessities currently offers “more than 100,000 SKUs from more than 160 brands, including an extensive assortment of bras, swimwear, shapewear and sleepwear,” according to Walmart. “Intimates, a category that has been aggressively growing online, has complex sizing and highly specialized products. Bare Necessities will bring deep category expertise, a content offering designed to educate intimates shoppers, as well as strong brand relationships and operational capabilities.”
“The acquisition of Bare Necessities fits well into our broader acquisition strategy, which includes two different types of companies: 1) category leaders with specialized expertise and assortment that can help enhance the customer experience on Walmart.com and Jet.com (think Hayneedle, Moosejaw and Shoes.com) and 2) digital brands that offer unique products customers can’t find anywhere else (think Bonobos, Modcloth and the recently-acquired ELOQUII). Bare Necessities fits into the former.”
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