Walmart has announced the acquisition of online art retailer, Art.com for an undisclosed amount.
The US department store has revealed its plans to purchase Art.com, with the deal expected to close early next year. Walmart hasn’t revealed how much the acquisition will set the business back yet, but sources have told CNBC that the digital art and wall décor company has been clocking up annual sales of more than $300 million.
According to Anthony Soohoo, SVP and group general manager, home, Walmart US e-commerce, the art e-tailer will enhance Walmart’s growing portfolio of digital-first brands.
“Art.com is the world’s largest online retailer in the art and wall décor category, and the addition of its two million curated images – including a growing exclusive assortment – will create an even richer, deeper customer experience across our home category,” he wrote in a blog post on Walmart.com.
He has also said that Art.com will continue to operate as an independent brand, with its stock sold across the business’s growing suite of e-commerce websites.
“We plan to operate the assets of Art.com as a standalone and complementary site – and then add their wide-ranging assortment to Walmart.com, Jet.com, and Hayneedle.com,” Soohoo said.
According to Walmart, the ‘wall’ segment of the home décor retail market is worth $10 billion in the US, annually, and the acquisition of Art.com will form a fundamental part of Walmart’s mission to “win the home”.
The business has also said that Art.com will form a larger part of Walmart’s digital-first acquisition strategy to enhance its category expertise and e-commerce presence. Walmart has also brought Jet.com, Shoes.com and Mossejaw under its helm in recent years, as well as a host of other digital-first brands.
“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. I’m so excited to welcome Art.com as a part of that mission,” he said.