Bare Necessities Acquisition Fact Sheet

As we continue to expand Walmart as a destination for fashion online, we are announcing today the acquisition of Bare Necessities, a leading intimates online retailer. Here are the key facts about the deal:

What was announced today?

• Walmart has acquired Bare Necessities for an undisclosed amount.
• Noah Wrubel, Bare Necessities co-founder and CEO, will oversee the intimates category across Walmart.com and Jet.com, while continuing to run the Bare Necessities business.
• Bare Necessities will continue to operate its site as it has and will run as a standalone and complementary brand to our other eCommerce sites.
• Over time, for those brands that would like to serve additional customers, we will work to integrate Bare Necessities’ assortment onto Walmart.com and Jet.com.
• The deal closed Friday, Oct. 12.

Who is Bare Necessities?

• Bare Necessities was founded in 1998 and offers more than 100,000 SKUs from more than 160 brands, including an extensive assortment of bras, swimwear, shapewear and sleepwear.
• Noah Wrubel, Bare Necessities co-founder and CEO, Bill Richardson, Bare Necessities co-founder, and their team of more than 170 employees are based in Edison, NJ, where they will continue to operate after the acquisition.

Why are we acquiring Bare Necessities?

• Our acquisition strategy consists of two complementary parts:

1. Acquiring companies that strengthen Walmart.com and Jet.com by enhancing both category expertise and assortment (e.g., Hayneedle, Moosejaw and Shoes.com). This is where Bare Necessities fits in.
2. Acquiring digital brands that are unique and differentiated, offering products and experiences customers can’t find anywhere else (e.g., Bonobos, Modcloth and ELOQUII).

• Bare Necessities brings deep segment expertise to demystify a complex category shopping experience, along with strong brand relationships, as well as an extensive content offering and operational capabilities specifically designed for the intimates business.
• Bare Necessities’ assortment and brand portfolio complement our current offerings across Walmart U.S. eCommerce, providing our collective customer base with a new range of brands and products.