Andy Dunn, the originator of menswear site Bonobos, which sold to Walmart in 2017 for $310 million, is soon parting ways with the retail giant.
The Story of Andy
The executive, who entered Walmart as SVP of digital customer brands at the time of the acquisition, formally announced his departure in a LinkedIn post titled “A Love Letter to Walmart.”
In it, Dunn appreciates the time he had with the company and the experience he gained while serving there.
He references many of Walmart’s more significant initiatives, including its change into an omnichannel retail company helping customers online and offline, without distinction.
This is a space of Walmart’s business that has been under pressure as the conflict with Amazon heats up.
A contemporary report by Bloomberg, for instance, highlighted the internal corporate experience conflict underway as Walmart’s e-commerce investments affected stores and reduced margins.
Dunn further referenced Walmart’s expanding grocery business, now assisting to fuel its online sales and the growth of new Walmart brands like Allswell.
Bonobos is one of many online brands that Walmart has now obtained to fill out its virtual racks.
Including Moosejaw ($51 million), ShoeBuy, Jet.com ($3 billion), and Hayneedle, in extension to Bonobos ($310 million) and ModCloth ($75 million).
Dunn’s letter wrote the recent major deal to purchase plus-sized clothing brand ELOQUII ($100 million) — an instance of Walmart’s desire to produce a better life for its core customers.
Walmart’s Acquisition Rate
Walmart’s acquisition streak has slowed since then.
It even sold off Modcloth merely two years after buying it, to derive the losses from its e-commerce business.
Bonobos noticed layoffs in 2019, and Walmart’s greatest acquisition, Jet.com, has been wrapped into the rest of Walmart’s e-commerce operations.
Dunn’s letter further spoke to Walmart’s more questionable decision to exit the handgun and handgun ammo businesses completely and ban open-carry in its stores, following the mass firing in its El Paso store.
In his letter, he had also mentioned that he learned a lot more about retail change in the digital age at the world’s largest company.
He also stated that it is a credit to the exceptional teamwork of 2.4 million of the hardest working individuals on planet Earth, all operating together.
Vox earlier reported on Dunn’s departure, quoting a source, ahead of the official announcement.
Dunn’s withdrawal will take place in 2020.
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Image Courtesy: Bonobos