A new acquisition gives Walmart an even stronger foothold in the world of e-commerce.
Jet.com, which was purchased by Walmart in September for approximately $3 billion, has acquired online footwear retailer ShoeBuy for approximately $70 million. The purchase expands Jet.com’s footwear offerings, and gives Walmart more firepower in its battle against Amazon, which owns ShoeBuy’s main competitor, Zappos.
The deal closed on Dec. 30.
Called one of the first companies to sell shoes online, ShoeBuy launched online in 1999, around the same time as Zappos. It carries more than 800 brands and over 1 million items, including footwear for women, men and kids, along with clothing and accessories.
Similar to its acquisition of Jet.com, Walmart plans to retain ShoeBuy’s CEO Mike Sorabella, his executive team, and the footwear company’s 200-plus employees, all of which will remain at ShoeBuy’s Boston headquarters.
In addition, ShoeBuy will maintain its brand name, and continue to operate as a standalone site, augmenting Jet.com, Walmart said.
ShoeBuy suppliers interested in expanding their consumer reach have the option to also sell on Jet, Walmart added.