Jet.com Acquires ShoeBuy for $70 Million

Jet.com through its parent company, Walmart, acquired online footwear, clothing and accessories retailer ShoeBuy from IAC for approximately $70 million.

ShoeBuy, founded in 1999, carries more than 800 brands and over a million items including footwear for women, men and kids.  ShoeBuy will continue to operate as a standalone and complementary site.

The acquisition of ShoeBuy allows for Jet.com to gain the experience of an ecommerce player in the footwear industry.  ShoeBuy brings access to an assortment of products, industry relationships, and rich content further enhancing the customer experience.

ShoeBuy CEO Mike Sorabella, his executive team and its 200-plus employees will continue to be based in Boston and will join Jet’s ecommerce organization.  Suppliers for ShoeBuy that are interested in expanding their consumer reach through selling on Jet will have that option.