CALIFORNIA, U.S. - Strengthening its efforts to make deeper inroads into the online fashion space, Walmart has announced the acquisition of the online lingerie retailer Bare Necessities.
Commenting on the deal, Denise Incandela, head of fashion, Walmart U.S. eCommerce, said in a blog post, "The acquisition of Bare Necessities fits well into our broader acquisition strategy, which includes two different types of companies: category leaders ... and digital brands that offer unique products."
Bare Necessities, which was founded in 1998, will continue to operate its site as before.
Further, Incandela added that the company, which offers over 160 brands, will run as a standalone brand.
The retailer has added that Noah Wrubel, co-founder and chief executive of the lingerie retailer, will oversee the intimates category on Walmart.com and Jet.com.
Further, Wrubel will reportedly also continue to run the Bare Necessities business.
While the retailer has not disclosed the financial terms of the deal, the acquisition became its second apparel-focussed purchase in two weeks, after it bought Eloquii, a fashion startup that sells plus-sized clothing last week.
Its latest deal, in line with a string of other deals focussed on defending its market share against other competitors, is aimed at gaining younger, millennial customers who do not normally shop on its website.
In August this year, Walmart tied up with comedian and talk show host Ellen DeGeneres to launch a women's fashion line.
Previously, in 2017, Walmart entered a partnership with department store chain Lord & Taylor and started offering its products on Walmart.com.
With the same focus, Walmart also bought footwear and apparel brand ShoeBuy, outdoor wear specialist Moosejaw, men's clothing company Bonobos and online women's apparel brand ModCloth.