These assets include the retailer’s catalogue, intellectual property, trade name, and US operations. Terms of the deal, which is expected to close at the beginning of 2019, were not disclosed.
The retailer sold USD 330.5 million online last year, according to Internet Retailer’s Top500Guide.com, making it the largest online retailer that specialises in art in North America. However, like other recent acquisitions Walmart made, its growth has not been fast; it grew 8% in 2017 and its five-year compound annual growth rate (CAGR) was 13%.
Moreover, Walmart plans to operate Art.com as a standalone business much like Jet and Hayneedle, while also integrating its assortment onto Walmart.com, Jet.com, and Hayneedle.com.
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