• CNBC reports that "Walmart is selling online apparel brand Eloquii to FullBeauty Brands, marking the retailer’s third divestiture of a direct-to-consumer brand this year.
"The big-box retailer sold Bonobos to WHP Global and Express earlier this month and offloaded Moosejaw to Dick’s Sporting Goods in February. The sales are a reversal of a 2017-18 strategy led by Marc Lore, Walmart’s former head of e-commerce."
CNBC writes that "while Lore left Walmart in 2021 after five years, his contributions significantly transformed the retailer’s e-commerce business, including fulfillment operations, shopper delivery options and speed. His efforts boosted the number of products sold online from 70 million to 'hundreds of millions' today.
"Walmart’s online sales now make up 13% of total annual sales, as of its most recent fiscal year-end, up from 5% in 2019.
"To be sure, there were also a number of Lore-led businesses that were not ultimately successful, including text message concierge service JetBlack and the eventual wind down of Lore-founded e-commerce company Jet.com, which Walmart bought for $3.3 billion and which brought Lore to the retailer.
"In addition to Eloquii, Bonobos and Moosejaw, Walmart has unloaded Modcloth, Bare Necessities and ShoeBuy in recent years, all Lore-led acquisitions."