Walmart is planning to acquire assets of online art and décor retailer Art.com.
The size of the deal has not been confirmed yet by Walmart. Its acquisition of Art.com’s catalog, IP, trade name, and U.S. operations will be an all-cash deal expected to close in early 2019. Walmart plans to continue to run Art.com as a standalone website.
Art.com offers made-to-order products, and includes around two million items such as curated images incorporated as wall art/posters, prints, and other art pieces for customers’ home. The site has been generating more than $300 million in annual sales in recent years, according to CNBC citing an anonymous person familiar with Walmart's acquisition.
The deal with Art.com would be Walmart's latest move towards expanding its footprint in e-commerce. Recently, it bought plus-size clothing online retailer ELOQUII and online intimates retailer Bare Necessities. It acquired Jet.com for $3 billion in 2016, and then several other e-commerce firms such as ModCloth, Bonobos Moosejaw and ShoeBuy in 2017.