Jet.com sells an array of consumer products including health and beauty
Wal-Mart Stores has announced the acquisition of jet.com for $3bn in cash, a portion of which will be paid over time.
Jet.com sells an array of products spanning the fashion, health and beauty, baby care, electronics, household and furniture categories, plus more.
The e-commerce website is said to be one of the fastest growing in the US, appealing to the millennial generation with its “fresh ideas and expertise”, a Walmart statement read.
Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.
Doug McMillon, president and CEO, Wal-Mart Stores
Jet.com has more than 400,000 new shoppers every month and an average 25,000 daily processed orders.
Doug McMillon, President and CEO, Wal-Mart Stores, said: “We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience.”
He added: “Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
Jet.com was founded by CEO Marc Lore, Mike Hanrahan and Nate Faust. Lore is also the Co-founder of Quidsi, which owns soap.com, diapers.com and wag.com. He said: “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.”
Jet.com has $1bn in run-rate gross merchandise value. In its first year of trading it stocked 12 million skus. Today, it works with a group of more than 2,400 retailers and brand partners.