Express, Inc. completed its joint acquisition of the menswear brand Bonobos in partnership with WHP Global for a combined purchase price of $75 million, the company announced Wednesday.
WHP Global and EXPR purchased Bonobos from Walmart in April. They valued the e-commerce brand far less than the $310 million price tag Walmart had paid for the brand for in 2017.
Express also reported less-than-favourable financial results for the first quarter of 2023. The retail chain saw net sales decrease 15 percent from $450.8 million in the first quarter of 2022 to $383.3 million. Comparable sales were down 14 percent in the same period. Express CEO Tim Baxter attributed the loss to reduced consumer spending and an increase in price sensitivity.
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Walmart Sells Menswear Brand Bonobos
Walmart is selling direct-to-consumer menswear brand Bonobos to EXPR, which owns mall retailer Express, and brand management firm WHP Global for $75 million. WHP Global will acquire Bonobos outright, with Express taking control of the menswear brand’s operating assets.
