NEW YORK (Reuters) - Walmart (NYSE:WMT) Inc on Thursday said it has acquired online retailer Art.com for an undisclosed amount to boost its home decor business and expand its online offering, as part of the retailer's efforts to attract more millennials.
Art.com had revenue of more than $300 million in 2016, according to a research report from Internet Retailer, the most recent figures available. A Walmart spokesperson would not comment on the size of the deal or on Art.com's revenue.
Walmart has been buying up small online retailers for more than two years in an attempt to reach younger customers who do not normally shop on its website, and recover ground lost to competitors like Amazon.com Inc (NASDAQ:AMZN).
In October, Walmart acquired online lingerie retailer Bare Necessities and plus-sized clothing startup Eloquii. In 2017, it bought ShoeBuy, which specializes in footwear and apparel; Moosejaw, which sells outdoor wear; Bonobos, which sells men's clothing; and ModCloth, an online seller of women's apparel.
Art.com is one of the largest online sellers of art and wall decor globally with 2 million items for sale, according to Walmart's blog.
Walmart, which is expected to become the third largest e-commerce retailer by sales this year, will continue to run Art.com as a standalone operation and will eventually add its products to its online offerings.
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