As a global distributor of wholesale footwear, we’re always interested in the latest shoe news. In August of last year retail giant Walmart purchased Jet.com for $3 billion. Now, Jet.com has purchased shoe-tailer ShoeBuy for a reported $70 million as Walmart continues its efforts to boost online sales.
According to news reports, ShoeBuy, an online shoe retailer based in Boston, was purchased by Jet.com on December 30th. Walmart made the announcement on January 5th, explaining the deal will make it possible for Jet.com to secure the experience of a “well-established ecommerce player in the footwear industry.” The goal of Jet.com’s purchase of ShoeBuy is to expand the company’s reach in the lives of consumers.
Founded in 1999, ShoeBuy and Zappos were among the first to sell footwear online. News reports state clothing and accessories became the biggest retail category online in 2015, with Amazon leading the way. In the fall of last year, Walmart tried to work a deal with India-based Flipkart to rival Amazon overseas, but the deal may have fallen through.
Marc Lore, CEO and co-founder of Jet.com said it was a “fair assumption” that additional acquisitions of online retailers by Jet and Walmart would be coming in the future.
Mike Sorabella, CEO at ShoeBuy, said the company will retain its 200 Boston-based employees, and operate as a standalone site.
Things are definitely interesting in the retail industry where shoes are concerned!
The Jay Group Ltd. is a world shoe liquidator, specializing in bulk wholesale shoe sales to international and domestic clients. Offering quality footwear in the most trusted brands for the entire family, we invite those in need of stylish shoes at wholesale prices to work with our team today!