Wal-Mart Stores Inc has agreed to buy online men's fashion retailer, Bonobos Inc for $310 million in cash, the retailer's fourth e-commerce acquisition in less than a year.
The company stated that Bonobos' clothes and accessories will be offered on Wal-Mart's Jet.com.
Wal-Mart's shares were down about 6 percent at $74.43 in morning trading on Friday, after online rival Amazon.com Inc said it would buy upmarket grocer Whole Foods Market.
The world's biggest retailer has been working aggressively to close the gap with rival Amazon.com Inc under the leadership of CEO, Doug McMillon and new e-commerce Chief, Marc Lore.
Wal-Mart bought online women's fashion retailer ModCloth, outdoor clothing and gear retailer Moosejaw and footwear retailer Shoebuy in the first three months of this year.
The acquisition is expected to close towards the end of the second quarter or the beginning of the third quarter of Wal-Mart's fiscal year ending January 2018, the company said.