Jet, through its parent Walmart, has acquired ShoeBuy from IAC for approximately $70 million. This acquisition closed on December 30, 2016. Below are some key facts about the deal.
Who is ShoeBuy?
ShoeBuy is a leading online footwear, clothing and accessories retailer. ShoeBuy carries more than 800 brands and over a million items including footwear for women, men and kids, as well as clothing and accessories, such as outerwear and handbags.
ShoeBuy was founded in 1999, as one of the first companies to sell shoes online. It is headquartered in Boston, MA.
How will ShoeBuy fit into Jet’s business?
ShoeBuy will operate as a standalone and complementary site.
Jet will gain the experience of a well-established ecommerce player in the footwear industry, who has transformed the online shopping experience for millions of customers. ShoeBuy brings access to a large assortment of products, strong industry relationships, and rich content that will further enhance our customer experience.
ShoeBuy CEO Mike Sorabella, his executive team, and ShoeBuy’s 200-plus employees will continue to be based in Boston, MA, and will join our e-commerce organization. ShoeBuy suppliers that are interested in expanding their consumer reach through selling on Jet will have that option.
Source: Walmart Press Release