US retail giant Walmart has completed the sale of its Shoes.com business to affiliates of CriticalPoint Capital, the LA-based private equity firm that owns JackRabbit and Olympia Sports.
Originally founded in 1999 as ShoeBuy, a pioneer in online shoe retailing, Shoes.com is an online retailer of footwear, apparel and accessories, offering a broad assortment of brands spanning athletic to casual for women, men, and children. It was acquired by Walmart in 2017 for US$9m.
“CriticalPoint Capital (CPC) is the ideal partner to help us achieve our next phase of growth including optimising product assortment, delivering a best-in-class footwear shopping experience, while also leveraging operational capabilities and strategies,” said John Foristall, president and CEO of Shoes.com.
“CPC has extensive knowledge and experience in the footwear industry, including an understanding of our key brands and how these brand relationships have been the cornerstone of this business for over 20 years. CPC also has a strong track record of giving companies the advice and backing they need to succeed as standalone businesses.”
The acquisition, the terms of which were not disclosed, marks CPC’s most recent investment in the footwear industry, having completed previous transactions with JackRabbit, Clever Training and Olympia Sports.
News of the acquisition first broke in September, a month after Walmart inked a deal with Delta Galil to offload its intimates online retailer Bare Necessities to the Israeli apparel major.
More recently, Walmart announced a deal to sell its UK supermarket chain Asda to the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer, and private equity firm TDR Capital for GBP6.8bn (US$8.8bn).