As part of its ongoing strategy to focus on its core web operations, Walmart is reportedly selling its Shoes.com operation to CriticalPoint Capital, the private investment firm that owns JackRabbit and Olympia Sports. Terms of the deals were not disclosed.
According to a report this week from Bloomberg, Walmart had purchased Shoes.com’s intellectual property for $9 million in 2017 and subsequently made it the flagship domain for ShoeBuy, which it bought from IAC in 2016.
“The number of customers we’re serving in these categories on Walmart.com, along with the corresponding sales volume, is very different than before each acquisition,” Walmart said in an e-mailed statement.
CriticalPoint Capital had acquired Olympia Sports in October 2019 and JackRabbit in March 2017.
The divestments follow Walmart’s sale of ModCloth in October, and its decision earlier this year to shutter the Jet.com e-commerce site. After acquiring various brands and sites in recent years, Walmart’s U.S. online business now wants to simplify the shopping experience and better compete with Amazon.com Inc.
The Bloomberg report also noted that Walmart reached an agreement to sell Bare Necessities, the intimate apparel brand, to Delta Galil Industries. Walmart continues to own Moosejaw, Bonobos, Eloquii, Hayneedle, Allswell and Art.com.