Walmart Inc is selling its store brand menswear brand Bonobos for $75 million to Express Inc and WHP Global for $75 million. Walmart acquired Bonobos for $310 million in June 2017. The Bonobos brand sells a variety of menswear ranging from suits and trousers to swimwear online.
The deal marks the first acquisition since brand management firm WHP Global, which owns Toys "R" Us and fashion labels such as Anne Klein, partnered with Express earlier this year and took a 7.4% stake in the clothing retailer.
WHP Global will acquire the Bonobos brand for $50 million, while Express will acquire the operating assets and assume related liabilities of the Bonobos business for $25 million, the companies said on Thursday.
The deal is expected to close in the second quarter, following which WHP and Express will enter into an exclusive license agreement, giving Express the right to use the intellectual property acquired by WHP to run the Bonobos business.