Walmart’s Jet.com Purchases ShoeBuy for $70 Million

Walmart
Walmart.
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Wal-Mart Stores Inc. is upping the digital ante.

Just five months after the retail giant picked up e-commerce site Jet.com, Walmart said today that its new digital arm has snapped up online footwear, clothing and accessories retailer ShoeBuy.

Jet.com shelled out $70 million for  16-year-old Boston-based ShoeBuy and expects the site to operate as a standalone but complementary component to Jet.com.

The company said ShoeBuy CEO Mike Sorabella, his executive team and 200-plus employees will continue to be based in Boston.

Walmart, which has felt heightened competitive pressure from e-commerce giant Amazon.com Inc., has been moving aggressively over the past few months to expand its digital reach.

According to the company, ShoeBuy — which became one of the first companies to sell shoes online around the same time that Zappos launched — carries more than 800 brands and over 1 million items, including footwear for women, men and kids, as well as clothing and accessories, such as outerwear and handbags.

Hoboken, N.J.-based Jet.com sells a wide range of products, including electronics, furniture, specialty foods, household and beauty items. It also carries a smaller assortment of clothes, shoes and accessories.

ShoeBuy’s suppliers interested in selling their wares on Jet.com will now have that option, according to the company.

Jet will gain the experience of a well-established e-commerce player in the footwear industry, who has transformed the online shopping experience for millions of customers,” Walmart said in statement. “ShoeBuy brings access to a large assortment of products, strong industry relationships, and rich content that will further enhance our customer experience.”

Jet.com acquired ShoeBuy from IAC. The transaction closed on Dec. 30.