US retail group Walmart has announced it is to acquire online home decor retailer, Art.com for an undisclosed sum.
The retail group is expected to close the deal next year, which it says will “enhance the customer experience” in the wall art sector. Art.com, which has been running since 1998, is said to be the “largest online retailer” in the art and wall décor category with two million images. It operates in the US, UK and France as well as running a decor for business service.
It is reported is reported that the firm generates $300m (£239m) in sales annually in what Walmart describes as a $10bn (£8bn) market in the US alone. Current Art.com CEO Kira Wampler is expected to remain on the board having been with the company since 2016.
Anthony Soohoo, group general manager of home at Walmart’s e-commerce arm, said: “This announcement is just another example of how we’re establishing Walmart.com as a specialty retail designation for the home.”
The deal comes after Walmart recently acquired plus-size fashion brand Eloquii in October along with lingerie brand Bare Necessities. Walmart CEO Marc Lore told investors earlier this year that his plan for the company was to “buy and build”.