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June 17, 2017updated 19 Jun 2017 8:25am

Walmart buys men’s clothing company Bonobos

Walmart, the world’s largest company by revenue, will buy men’s fashion retailer Bonobos for $310m.

Bonobos’ clothes and accessories will be sold on Walmart’s Jet.com, the online marketplace Walmart bought for $3.3bn last year.

Andy Dunn, CEO of Bonobos, said in a statement:

We began Bonobos ten years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways. That will always remain our mission. We are excited about applying all that we have learned to help shepherd in the next era of retail.”

Bonobos, founded 10 years ago in New York boasts an online presence, dozens of brick-and-mortar locations, as well as boutiques in Nordstrom department stores.

The Walmart-Bonobos merger coincides with e-commerce giant Amazon’s planned acquisition of the upmarket US grocer Whole Foods.

Walmart and Amazon are long-standing industry rivals.

Walmart’s shares were down about six percent at $74.43 in morning trading on Friday, after Amazon’s planned purchase of Whole Foods was announced.

Bonobos is the fourth online retailer bought by Walmart in less than a year, joining women’s retailer ModCloth, outdoor apparel supplier Moosejaw and ShoeBuy.

Last quarter, Walmart’s US e-commerce sales were up 63 percent from the same time a year ago, with most of the gains coming from Walmart.com.