Walmart declined to disclose the terms of the deal.
The lingerie company, founded in 1998, will operate independently of Walmart. Over time, the e-commerce giant says it will make Bare Necessities’ products available on Walmart.com, as well as on Jet.com, which Walmart acquired for more than $3 billion in 2016 to bolster its e-commerce business.
Walmart has long been one of the most active acquirers of startups and hasn’t slowed down in 2018. Just last week, the company announced it would purchase women’s plus-sized clothing brand ELOQUII. Before that, it paid $225 million for a grocery delivery service called Cornershop and earlier this year, it completed its $16 billion acquisition of Flipkart — its largest M&A play yet.
In a statement, Walmart said Bare Necessities fit into its broader acquisition strategy, “which includes digital brands that offer unique products customers can’t find anywhere else.”
As part of the deal, Bare Necessities co-founder and chief executive officer Noah Wrubel will continue to run the company alongside chief operating officer Bill Richardson. Wrubel will also take charge of the intimates category for both Walmart.com and Jet.com. Bare Necessities’ 170 employees will continue to run the business out of Edison, N.J., where the company is headquartered.
The global lingerie market is expected to bring in upwards of $60 billion in revenue by 2024, driven in large part by tech-enabled direct-to-consumer businesses’ e-commerce sales.