Walmart Stores, the world’s largest retailer acquired two-year-old online retailer Jet.com. Walmart has acquired jet for $3.3 billion in cash; whereas some portion of this amount will be paid over the time. According to the press release shared by Walmart, $300 million of Walmart shares will be paid over time as part of incentive bonus transactions. Doug McMillon, President and CEO, Wal-Mart Stores, Inc shares, “We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want. We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
As per the available detail, Marc lore, Co-Founder and CEO, Jet will carry on to run Jet all along Walmart’s U.S. ecommerce operations. Lore shares his happiness, “We started Jet with the vision of creating a new shopping experience. Today, I couldn’t be more excited that we will be joining with Walmart to help fuel the realization of that vision. The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets – together with the team, technology and business we have built here at Jet – will allow us to deliver more value to customers.”
As per the deal, both these companies will maintain their distinct brands. Walmart.com will keep focusing on delivering the company’s everyday low price strategy; equally Jet will continue to provide a unique and differentiated customer experience with unique product lines. In addition, these companies will also use innovative technology solutions from each other to implement new strategies to help customers to save time and money.
Walmart believes that after getting hold on Jet, it will infuse fresh ideas and expertise from its team. Conversely, Jet is one of the fastest growing e-commerce companies in the U.S. It was co-founded by a team of experienced experts including Marc Lore and co-founders Mike Hanrahan and Nate Faust in 2014. Notably, Lore has also co-founded Quidsi, the parent company of e-commerce sites Wag.com, Diapers.com and Soap.com. Jet.com has secured more than $800 million in funding since its launch.
As per the available detail, Marc lore, Co-Founder and CEO, Jet will carry on to run Jet all along Walmart’s U.S. ecommerce operations. Lore shares his happiness, “We started Jet with the vision of creating a new shopping experience. Today, I couldn’t be more excited that we will be joining with Walmart to help fuel the realization of that vision. The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets – together with the team, technology and business we have built here at Jet – will allow us to deliver more value to customers.”
As per the deal, both these companies will maintain their distinct brands. Walmart.com will keep focusing on delivering the company’s everyday low price strategy; equally Jet will continue to provide a unique and differentiated customer experience with unique product lines. In addition, these companies will also use innovative technology solutions from each other to implement new strategies to help customers to save time and money.
Walmart believes that after getting hold on Jet, it will infuse fresh ideas and expertise from its team. Conversely, Jet is one of the fastest growing e-commerce companies in the U.S. It was co-founded by a team of experienced experts including Marc Lore and co-founders Mike Hanrahan and Nate Faust in 2014. Notably, Lore has also co-founded Quidsi, the parent company of e-commerce sites Wag.com, Diapers.com and Soap.com. Jet.com has secured more than $800 million in funding since its launch.
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