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30. The purchase is aimed at expanding Jet.coms reach in consumers lives, including their closets. Walmart says the deal will allow Jet to gain the experience of a well-established ecommerce player in the footwear industry.With the deal, ShoeBuy will operate as a standalone site, and current CEO Mike Sorabella and the companys 200 employees will continue to be based in Boston. ShoeBuy suppliers that are interested in expanding their consumer reach through selling on Jet will have that option. The purchase is just the latest in Walmarts push for online sales. In Aug. 2016, the retailer announced would officially acquire Jet.com. A month later, the company was reportedly thinking of making a $1 billion investment in India-Based Flipkart to take on Amazon overseas. These types of purchases arent likely to stop anytime soon. Jet co-founder and CEO Marc Lore told Recode in an interview that it was a fair assumption that the company and Walmart would pursue more of acquisitions of online retailers, likely in categories where they are long-tail, high-margin products and harder-to-crack brands.
For the original version including any supplementary images or video, visit https://consumerist.com/2017/01/05/walmarts-jet-com-jumping-into-shoe-game-with-70m-purchase-of-shoebuy/
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