Walmart to acquire Jet.com


August 9, 2016 | By RetailME Bureau

Walmart Stores, Inc has announced its decision to acquire Jet.com, Inc. – one of the fastest growing and most innovative e-commerce companies in the US – for approximately $3 billion in addition to $300 million Walmart shares to be paid over time as part of the agreement.

The acquisition, which is subject to regulatory approval, has been approved by the boards of directors for both companies and is expected to close this calendar year.

Walmart’s acquisition of Jet.com will further boost its e-commerce growth by expanding customer reach and adding new capabilities

“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” says Walmart Stores, Inc president & CEO Doug McMillon. “We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”

“We started Jet with the vision of creating a new shopping experience,” adds Jet.com co-founder and CEO Marc Lore. “Today, I couldn’t be more excited that we will be joining with Walmart to help fuel the realisation of that vision. The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint and digital assets – together with the team, technology and business we have built here at Jet – will allow us to deliver more value to customers.”

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau

Saudi Arabia-based operator of hypermarkets and supermarkets BinDawood Holding has priced its 

Continue Reading

October 7, 2020 | By RetailME Bureau
Miguel Angel Povedano, chief commercial officer of Majid Al Futtaim – Retail

Majid Al Futtaim announces the launch of a customer insight platform, powered 

Continue Reading

October 7, 2020 | By RetailME Bureau
New Choithrams store opens at Emerald Court, Al Barsha

A new Choithrams store opens at Emerald Court, Al Barsha in Dubai 

Continue Reading

October 5, 2020 | By RetailME Bureau
Asda has new owners

Asda has new owners, as The Issa brothers and TDR Capital are 

Continue Reading

October 5, 2020 | By RetailME Bureau
Spinneys sees “dramatic changes” in shopping patterns

UAE-based supermarket chain Spinneys sees “dramatic changes” in shopping patterns since the 

Continue Reading

October 4, 2020 | By Rupkatha Bhowmick
Food Crowd is now delivering from farm to home

A new platform in the UAE, Food Crowd is now delivering from 

Continue Reading

October 1, 2020 | By RetailME Bureau
Eagle Hills Sharjah signs up Every Day Fresh Hypermarket

Eagle Hills Sharjah signs up Every Day Fresh Hypermarket to meet the 

Continue Reading

September 14, 2020 | By RetailME Bureau




Download Images RetailME Magazine