Wal­mart ac­quires Art.com to lift home decor arm

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NEW YORK — Wal­mart Inc on Thurs­day said it has ac­quired on­line re­tailer Art.com for an undis­closed amount to boost its home decor busi­ness and ex­pand its on­line of­fer­ing, as part of the re­tailer’s ef­forts to at­tract more mil­len­ni­als.

Art.com had revenue of more than US$ 300 mil­lion in 2016, ac­cord­ing to a re­search re­port from In­ter­net Re­tailer, the most re­cent fig­ures avail­able. A Wal­mart spokesper­son would not com­ment on the size of the deal or on Art. com’s revenue.

Wal­mart has been buy­ing up small on­line re­tail­ers for more than two years in an at­tempt to reach younger cus­tomers who do not nor­mally shop on its web­site, and re­cover ground lost to com­peti­tors like Ama­zon.com Inc.

In Oc­to­ber, Wal­mart ac­quired on­line lin­gerie re­tailer Bare Ne­ces­si­ties and plus- sized cloth­ing startup Elo­quii. In 2017, it bought ShoeBuy, which spe­cial­izes in footwear and ap­parel; Moose­jaw, which sells out­door wear; Bono­bos, which sells men’s cloth­ing; and Mod­Cloth, an on­line seller of women’s ap­parel.

Art. com is one of the largest on­line sell­ers of art and wall decor glob­ally with 2 mil­lion items for sale, ac­cord­ing to Wal­mart’s blog.

Wal­mart, which is ex­pected to be­come the third largest ecom­merce re­tailer by sales this year, will con­tinue to run Art. com as a stand­alone op­er­a­tion and will even­tu­ally add its prod­ucts to its on­line of­fer­ings. — REUTERS

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