• Home
  • Executive
  • Management
  • Express and WHP acquire menswear label Bonobos from Walmart

Express and WHP acquire menswear label Bonobos from Walmart

By Prachi Singh


Scroll down to read more


Image: Bonobos via Facebook

WHP Global and Express Inc (EXPR) have entered into a definitive agreement with Walmart to acquire menswear brand Bonobos for a combined purchase price of 75 million dollars.

The company said in a release that WHP Global will acquire the Bonobos brand for a purchase price of 50 million dollars, while EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business for a purchase price of 25 million dollars.

“Bonobos is delivering double-digit sales growth and we plan to continue that momentum while also realising operating synergies and other economies of scale,” said EXPR chief executive officer Tim Baxter in a statement.

“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,” he said.

Bonobos is a menswear fashion and accessories brand founded in 2007 and acquired by Walmart in 2017.

First acquisition under new partnership

WHP global chair and CEO Yehuda Shmidman said: “Bonobos is an ideal first acquisition for our new partnership with EXPR and will be a terrific addition to our fashion vertical. Post-closing, WHP Global’s portfolio will include more than 10 powerful consumer brands approaching 7 billion dollars in total retail sales.”

Bonobos CEO John Hutchison will become brand president and report to Tim Baxter after the transaction closes. Bonobos will remain at its current headquarters in New York.

Hutchison said: “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.”

Moelis & Company LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to EXPR on this transaction. Goodwin Procter LLP is serving as legal advisor to WHP Global.

WHP Global