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.
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.