Jan. 5, 2017 - Jet, through its parent Walmart, has acquired ShoeBuy from IAC for approximately $70 million. This acquisition closed on December 30, 2016. Below are some key facts about the deal.
Who is ShoeBuy?
- ShoeBuy is a leading online footwear, clothing and accessories retailer.
- ShoeBuy carries more than 800 brands and over a million items including footwear for women, men and kids, as well as clothing and accessories, such as outerwear and handbags.
- ShoeBuy was founded in 1999, as one of the first companies to sell shoes online. It is headquartered in Boston, MA.
How will ShoeBuy fit into Jet’s business?
- ShoeBuy will operate as a standalone and complementary site.
- Jet will gain the experience of a well-established ecommerce player in the footwear industry, who has transformed the online shopping experience for millions of customers. ShoeBuy brings access to a large assortment of products, strong industry relationships, and rich content that will further enhance our customer experience.
- ShoeBuy CEO Mike Sorabella, his executive team, and ShoeBuy’s 200-plus employees will continue to be based in Boston, MA, and will join our e-commerce organization.
- ShoeBuy suppliers that are interested in expanding their consumer reach through selling on Jet will have that option.