Can Jet.com Woo Millennials With Private-Label Brands?
When Wal-Mart Stores, Inc. (NYSE: WMT) announced the purchase of online retailer Jet.com late last year, it announced to the world that it was no longer going to sit by and let Amazon.com, Inc. (NASDAQ: AMZN) dominate the world of e-commerce. What followed was a whirlwind of smaller online acquisitions, including men's clothier Bonobos, woman's fashion purveyor Modcloth, and outdoor retailer Moosejaw. The company also made it easier for online customers to order its most popular items -- over a million in all -- and pick them up from a Wal-Mart store, with many available on the same day.
Recent results show that those moves are paying off. In its most recent financial report, Wal-Mart revealed that its online sales increased by 60% year over year, while its gross merchandise volume jumped 67% over the prior-year quarter.
Wal-Mart knows it can't rest on its laurels, and it's preparing another salvo in the ongoing battle. Jet.com will launch a private-label brand in a bid to woo millennials.
Source: Fool.com
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