Bonobos store Century City Mall, Los Angeles (PC – Bonobos)
Walmart has sold its menswear brand Bonobos to WHP Global and Express, Inc. (EXPR) for a combined purchase price of $75 million. Global brand management firm WHP Global will acquire the Bonobos brand for a purchase price of $50 million. While fashion retailer Express will acquire the operating assets and assume the related liabilities of the Bonobos business for a purchase price of $25 million.
The transaction is expected to close in Express’ second fiscal quarter of 2023 subject to customary closing conditions. After the closing of the transaction WHP Global and Express will enter into an exclusive long-term licence agreement with multiple renewal options granting Express the right to use the intellectual property acquired by WHP Global for the operation of the Bonobos business in the US in exchange for Express’ payment of a royalty fee to WHP Global.
The Bonobos team will be led by CEO John Hutchison who will become Brand President of Bonobos and report to Express CEO Tim Baxter after the transaction closes. Bonobos will remain at its current headquarters in New York.
“This is an exciting moment for Bonobos as we embark on the next phase of our growth. Born a digitally native vertical brand, we plan to build on our strength in e-commerce and customer loyalty, leverage EXPR’s expertise in omnichannel retailing and scale through WHP Global’s partnerships in licensing and distribution,” said Bonobos CEO John Hutchison.
Bonobos was founded in 2007 and acquired by Walmart in 2017 and the business has delivered strong and consistent growth.
“Bonobos is delivering double-digit sales growth and we plan to continue that momentum while also realizing operating synergies and other economies of scale. This is a compelling addition to our brand portfolio, and I expect the transaction will be accretive to operating income and free cash flow positive in fiscal 2023,” Baxter stated.
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