Bonobos founder says he isn't worried about backlash after 'selling out' to Walmart - here's why
Sarah Jacobs/Business Insider
Andy Dunn, Bonobos' founder and CEO, who is now taking on the role of senior vice president of digital consumer brands for Walmart US ecommerce, told Business Insider he was "extremely anxious" about how the news of the acquisition would go over.
"You never know how things are going to be interpreted," Dunn said.
However, Dun says Bonobos was basically able to preform a test of how people would react to the news two months before the acquisition was formally announced.
When Recode reported Walmart was in talked to buy Bonobos in April, Dunn witnessed the backlash on social media, with customers claiming that the brand was "selling out." He also saw the actual impact of the news on Bonobos' sales.
"I was pleasantly surprised," Dunn said. "In fact, our new customer acquisition is growing more rapidly this year than it did in 2016, and we grew a lot in 2016. So, I don't know, maybe the news is healthy, because it is bringing Bonobos to a larger stage."
Dunn acknowledged that he is aware of customers' concerns, and how "painful" it was not to be able to address these worries when news of the deal originally leaked. Now, he says the company can be "transparent" about what will happen - that product quality, design, and customer service will remain unchanged.
The Bonobos founder also released a blog post on Friday in an attempt to convey to customers why he believes that acquisition is a good move for the brand.
"When the idea first presented itself, my immediate thought was no way," he wrote, noting at the time the company was "inches" from a deal that would keep Bonobos independent. "When Walmart acquired Jet, I realized the world is now changing even faster than I thought."
The chance to work with Marc Lore, Jet.com's founder who has served as a mentor of Dunn's, helped convince him that striking a deal with Walmart could be a chance to help build a different kind of ecommerce company - a superteam of brands and executives.
"It's an honor to belong with what is happening at Walmart and Jet right now," Dunn told Business Insider. "What Marc is doing, what Doug [McMillion, Walmart's CEO] is shepherding in the ecommerce space, it's just incredible."
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market