Eventually, items by Art.com will be sold on Walmart.com, Jet.com as well as Hayneedle.com, Walmart said. the item will continue to run Art.com as a standalone website as well as wouldn’t comment on its plans to add merchandise by Art.com to Walmart stores. The website has roughly 2 million designs to chose by, as well as growing, according to Walmart.
Walmart has already began adding items by some of its acquired brands to its website. Outdoor gear company Moosejaw, for example, today has its own shop on Walmart.com. Walmart also landed a deal with Lord & Taylor to sell apparel by the department store chain on Walmart.com, again going after a more high-end as well as younger customer, something the item hasn’t been able to do with its traditional brands.
the item also aspires to do more with technology, as well as buying Art.com should help with that will.
“As we think about the future right today, art will be one area where we will leverage augmented reality,” Anthony Soohoo, the senior vice president of Walmart’s online home business from the U.S., told CNBC. He said 25 percent of Art.com’s customers currently use a feature on the platform called ArtView, where shoppers can see what a piece of art looks like on their walls before they buy. Walmart will be able to “leverage that will expertise” about augmented reality in additional categories of its business moving forward, Soohoo said.
The deal is actually likely to close early next year.
Walmart could one day own upwards of 40 digitally native brands, according to the head of its U.S. e-commerce business, Marc Lore.
“Just four brands aren’t going to do the item, nevertheless imagine 40,” Lore told investors earlier that will fall. “The idea is actually to buy as well as build.”
Walmart has also began building its own online brands, one being Allswell, which launched earlier that will year as well as sells bedding as well as mattresses. the item runs on its own website, AllswellHome.com.
CORRECTION: that will story was corrected to say Art.com was recently bringing in more than $300 million in sales annually, according to a person familiar with Walmart’s acquisition. A prior variation of that will story misstated that will amount.