- Kristopher Fraser |
Retail Dive has reported that Walmart has made deals to sell off two of its digital brands, Shoes.com and Bare Necessities. Walmart originally acquired Shoes.com for 9 million dollars in 2017 and has now sold it off to private equity firm CriticalPoint Capital. Bare Necessities is being sold to Israeli company Delta Galil Industries.
The details of the transaction have not been made public. Walmart did not immediately respond for comment.
Walmart has been working on restructuring its e-commerce business. Walmart has been one of the few retailers that has actually done well during the coronavirus pandemic. The company has seen their e-commerce sales boom as people have been doing more online shopping and have turned to Walmart for essential goods. This year, Walmart has already announced its winding down Jet.com. Last fall, the company also sold off ModCloth.
Previously, Walmart was taking a major loss from its e-commerce operations, which became a source of tension behind the scenes of the company. Walmart's recent Q2 results beat analyst expectations with sales increasing across the board.Walmart has also found itself making major news headlines over joining Microsoft's bid to take over social media video app Tik Tok. This could shift Walmart's position from retailer to tech company transforming Walmart's position in the market.
photo: via Walmart.com