Wal-Mart acquired ShoeBuy from IAC for approximately $70 million. The online footwear, clothing and accessories retailer will become part of Jet.com, the online retailer acquired by Wal-Mart in September.
ShoeBuy, founded in 1999 and based in Boston, was one of the first companies to sell shoes online. ShoeBuy carries more than 800 brands and more than a million items including footwear for women, men and kids, as well as clothing and accessories, such as outerwear and handbags. It receives over 3 million unique visitors on a monthly basis. In 2006, ShoeBuy was acquired by Barry Diller’s InterActiveCorp.
ShoeBuy CEO Mike Sorabella, his executive team and ShoeBuy’s 200-plus employees will continue to be based in Boston, MA, and will join Wal-Mart’s e-commerce organization.
“Jet will gain the experience of a well-established e-commerce player in the footwear industry, who has transformed the online shopping experience for millions of customers,” said Wal-Mart in a statement. “ShoeBuy brings access to a large assortment of products, strong industry relationships and rich content that will further enhance our customer experience.”
The site will run independently of Jet.com and Walmart.com, though shoe brands that sell on ShoeBuy will have the option of expanding their reach onto the other sites.
Photo courtesy ShoeBuy
