- The news was announced in a blog post, and the deal is set to close early next year. The deal price was not disclosed.
- Art.com will continue to operate as a standalone site and will add to Walmart's existing portfolio of digital companies.
Walmart is getting its art on.
The company announced on Thursday that it plans to acquire Art.com, which it says is the world's largest online seller of artwork.
Walmart will acquire the entire company —
Walmart says it will continue to operate Art.com as a standalone site, adding to the rest of its growing online portfolio, which now includes the websites Jet, Bonobos, ModCloth, Eloquii, Moosejaw, Hayneedle, and Bare Necessities. The company will eventually sell Art.com products on Walmart.com, Jet.com, and Hayneedle.com.
Art.com will slot in where the rest of Walmart.com's assortment for the home stops: the wall.
"A big factor in creating that space starts with the wall," Anthony Soohoo, head of US Walmart e-commerce for the home category, said in the blog post announcing the acquisition. "When decorating, redecorating, or even just infusing some new life into a room — many times the best and lowest-priced place to start is by hanging a piece of art on the wall."
Walmart has been on something of a buying streak lately, adding companies born online to its growing portfolio. Many of these companies are focused on the higher end of offerings, as it moves to court the higher-earning customers who like to shop online — and mostly do so with Amazon.