Walmart to Buy Art.com
Walmart plans to acquire the assets of Art.com, the world’s largest online retailer in the art and wall décor category, for an undisclosed amount. Assets include catalog, IP, trade name, and U.S. operations. The deal is expected to close early next calendar year.
The website and the addition of its two million curated images – including a growing exclusive assortment – is expected to fit in alignment with Walmart's recently launched online home experience.
Walmart plans to operate the assets of Art.com as a standalone and complementary site – and then add its assortment to Walmart.com, Jet.com, and Hayneedle.com.
"This announcement is just another example of how we’re establishing Walmart.com as a specialty retail destination for the home – giving customers the inspiration and confidence to make a beautiful home possible for everyone," said Anthony Soohoo, SVP and group general manager, Home, Walmart U.S. eCommerce, in a blog post.