- Kristopher Fraser |
Bononbos founder Andy Dunn is departing Walmart two years after the company bought his menswear brand Bonobos for 310 million dollars. The news was reported by Reuters. Dunn joined Walmart in 2017 as senior vice president of digital consumer brands overseeing startups that Walmart acquired to compete against Amazon.
Part of Dunn's job was also to help create new brands for Walmart, most of which never came to fruition. The few brands that did manage to get a bit of traction operated in the red and didn't attract the younger, urban consumer that Walmart was hoping for. Walmart hit a point where they reached 1 billion dollars in losses on operating digital properties.
Bonobos, which still hasn't turned a profit, saw a round of layoffs last month. However, Dunn hasn't had a hands-on role in the company since he sold it two years ago. He announced his departure from Walmart via LinkedIn without specifying what his next project or role would be.
"When I joined Walmart in the summer of 2017, my goal was to leave the company better than I found it," Dunn said on LinkedIn. "With my last day coming up early next year, it's time to take stock."
He added that, “I learned a lot more about retail transformation in the digital age at the world’s biggest company. With my departure, that incubator will now be plugged directly into the Walmart mothership.”
Before Dunn sold Bonobos to Walmart, they raised 127 million dollars, and had sales just under 200 million dollars. Currently under Walmart's ownership, Bonobos has 60 stores and 600 employees.