Walmart is to purchase online apparel retailer Bonobos under a $310m agreement, as the former aims to improve its e-commerce business.

The acquisition is part of Walmart’s broader e-commerce strategy to improve the customer value proposition.

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Walmart US e-commerce president and CEO Marc Lore said: “We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving.”

The e-commerce strategy of the company is aimed at building expertise in key long-tail categories such as apparel and home.

Following the completion of the transaction, Bonobos founder and CEO Andy Dunn will oversee Walmart’s online vertical brands.

“We’re seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we’re moving.”

The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, including Bonobos and recently acquired ModCloth.

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In the recent quarter, Walmart reported a 63% growth in US e-commerce sales, predominantly from organic growth in Walmart.com.

The company also has a separate platform, Jet.com, which caters to the needs of urban, millennial customers.

The acquisition of Bonobos is expected to create more choices for consumers and new levels of convenience, Walmart stated.

Subject to regulatory approval, the closure of the transaction is scheduled to end in the second quarter or the beginning of the third quarter of this fiscal year.

Launched online in 2007, Bonobos operates 35 offline Bonobos Guideshops across the US.