ShoeBuy Acquired by Walmart and Jet.com

Is Walmart is taking on Zappos?

On Thursday, Walmart announced it has purchased one of Zappos’ biggest online competitors, ShoeBuy, for approximately $70 million from IAC.

The purchase is intended to boost Walmart’s online subsidiary, Jet.com, which was acquired in 2016 for $3 billion. Jet.com’s key categories include grocery, household supplies, electronics, and furniture.

ShoeBuy will operate as a standalone and complementary website, however, its roster of more than 800 brands in the footwear and accessories space will have the opportunity to expand their reach by selling on Jet.

In a release, Walmart confirmed that ShoeBuy CEO Mike Sorabella, his executive team and ShoeBuy’s 200-plus employees will continue to be based in Boston, Mass.

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