WHP Global and Express Inc. Join Forces to Acquire Bonobos in a $75 Million Deal

May 23, 2023 :Bonobos, the renowned men’s trouser brand founded by Andy Dunn, has once again changed ownership. After being acquired by Walmart Inc. in 2017 as part of its venture into digitally native brands, Bonobos has now been purchased by global brand management group WHP Global and fashion retailer Express Inc. In April, both companies announced a definitive agreement for the acquisition.

WHP Global secured the Bonobos brand for $50 million, while Express acquired the Bonobos operating assets for $25 million. Under an exclusive long-term licensing agreement with WHP Global, Express will manage Bonobos’ eCommerce, Guideshops, and Wholesale businesses in the United States.

Since its establishment in 2007, Bonobos has significantly impacted the men’s wear industry, emphasizing product fit and introducing the successful Guideshop retail model, resulting in consistent growth. Express CEO Tim Baxter expressed his excitement about the acquisition, stating that it aligns with their strategic roadmap to drive profitable growth and optimize their omnichannel platform. He expects the transaction to benefit operating income and free cash flow by fiscal 2023.

After the deal is finalized, Bonobos CEO John Hutchinson will assume the role of brand president, reporting directly to Baxter. Bonobos will continue to operate from its headquarters in New York.

Yehuda Shmidman, WHP Global chairman and CEO, believes acquiring Bonobos will be a valuable addition to their brand portfolio. With this purchase, WHP Global’s portfolio will include ten powerful consumer brands, amounting to nearly $7 billion in total retail sales.

Express plans to leverage Bonobos’ eCommerce and customer loyalty strengths, combining them with their expertise in omnichannel retailing. Additionally, Express aims to capitalize on Bonobos’ strong market presence to enhance awareness and customer acquisition.

With this acquisition, Bonobos becomes the third brand in Express’ portfolio, joining Express and UpWest. The company expects to achieve economies of scale across various areas, including production, sourcing, logistics, real estate, technology, and more.

Express has entered into an exclusive long-term license agreement, granting them the rights to use the intellectual property acquired from WHP Global for operating the Bonobos business in the United States. In exchange, Express will pay a royalty fee to WHP Global.