BENTONVILLE (KFSM) — When Walmart paid $3.3 billion for Jet.com in August of 2016, Wall Street saw the move as bold step — and somewhat necessary — to help the Bentonville-based retailer up its online game.
At the time, it was the highest price Walmart had paid for an internet retailer, but the deal included Jet’s highly-regarded founder and CEO Marc Lore, who agreed to stay with Walmart for a minimum of five years.
Walmart President and CEO Doug McMillon said in 2016 Walmart was looking for ways to lower prices, broaden assortment and offer the simplest, easiest shopping experience possible for customers.
“We believe the acquisition of Jet accelerates our progress across these priorities,” McMillon said in August 2016.
“Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
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