Walmart’s E-Commerce CEO Explains Why Its Many Acquisitions Will Help It Reach Millennials
While Walmart’s acquisitions of ModCloth, Jet, Bonobos appear like a game of catch up to the rest of the industry, Marc Lore, president and CEO of Walmart Ecommerce US, said there’s a bigger strategy at play. Part of that plan is bringing together the knowledge of all these digitally native brands into the world of Walmart, shared Lore at Shoptalk, a retail conference held in Las Vegas. “[We’re] trying to create a portfolio of these brands that give us proprietary content for a reason for [a] millennial to come shop inside the Walmart ecosystem,” Lore said “We’re not going out making billion dollar acquisitions. We’re buying companies that can help accelerate us to the fundamentals.” Andy Dunn, founder and CEO of Bonobos and svp of digital consumer brands at Walmart, believes these acquisitions will let Walmart “play offense.” “My view is everyone fighting in their own corner for the same things,” Dunn said. “The concept [of these acquisitions] is actually ‘lets cross pollinate talent, let’s cross pollinate learnings and lets have a common backbone and backend with the Walmart’s supply chain, operation infrastructure is going to be the backbone.’” Read more at Adweek.