Wal-Mart expands online reach with ShoeBuy acquisition
BENTONVILLE, Ark. (AP) — The online retailer Jet.com, now owned by Wal-Mart, says it’s acquired the footwear-shopping website ShoeBuy for about $70 million.
The deal, announced Thursday, closed Dec. 30.
Based in Boston, ShoeBuy offers more than 800 brands of shoes, clothing and accessories. Arkansas-based Wal-Mart Stores Inc. says ShoeBuy will continue to operate as a stand-alone website, and ShoeBuy’s current executives and employees will still be based in Boston.
The company says ShoeBuy suppliers will have the option to sell on Jet.com, too. The move is Wal-Mart’s latest push to expand its reach online following last year’s acquisition of Jet.com, which it bought for $3 billion plus $300 million in stock.