E-commerce start-up Jet.com has acquired online footwear, clothing and accessories retailer ShoeBuy through its parent company US retail behemoth Walmart, from InterActiveCorp (IAC) in a deal worth US$70m.

Founded in 1999 as one of the first companies to sell shoes online, ShoeBuy carries more than 800 brands and over one million items including footwear for women, men and kids, as well as clothing and accessories, such as outerwear and handbags.

Headquartered in Boston, Massachusetts, ShoeBuy will operate as a standalone and complementary site under the terms of the deal, while Jet says the acquisition will see it "gain the experience of a well-established e-commerce player in the footwear industry".

Walmart signed a $3bn cash deal to acquire Jet.com in June of last year, in a move to grow its online business at a faster rate and reach more Millennial customers. 

Walmart eyes online growth with $3bn Jet.com buy