Retail giant Walmart Inc. has acquired lingerie retailer Bare Necessities, the company said in an Oct. 12 statement.
As part of the deal, CEO and co-founder of Bare Necessities, Noah Wrubel, will lead the intimates category for both Walmart.com and Walmart-owned e-commerce retailer Jet.com. Wrubel will also continue to run Bare Necessities.
The lingerie retailer will operate as a stand-alone and complementary brand to Walmart's other e-commerce sites.
Bare Necessities was founded in 1998 and offers over 100,000 products from more than 160 brands.
Walmart said the deal "fits well" into its broader acquisition strategy of acquiring category leaders with specialized expertise and assortment and digital brands that offer unique products that customers cannot find anywhere else.
Financial details of the transaction were not disclosed.
Earlier this month, Walmart acquired women's plus-size apparel startup Eloquii Design Inc.