Walmart (WMT) is hell-bent on sticking around and not going the way of Macy’s (M) or other brick-and-mortar companies that have fell victim to the burgeoning world of e-commerce and the likes of Amazon (AMZN) .
In its latest move to stay relevant in the world of e-commerce the company announced Thursday, Jan. 5, that it would buy online shoe seller Shoebuy.com from Barry Diller’s IAC/InterActiveCorp (IAC) for $70 million.
Shoebuy.com will be added to Walmart’s recently acquired e-commerce unit, Jet.com. The acquisition follows Jet’s purchase of online furniture retailer Hayneedle for a reported $90 million in February.
Walmart shares ticked up 0.1% to $69.13 in Thursday morning trading, while IAC shares shares rose 0.9% to $68.82.
“Jet will gain the experience of a well-established e-commerce player in the footwear industry, who has transformed the online shopping experience for millions of customers,” Walmart said in its statement. “ShoeBuy brings access to a large assortment of products, strong industry relationships, and rich content that will further enhance our customer experience.”
Walmart also said that ShoeBuy suppliers who want to sell on Jet “will have that option.”
Jet, a highly-touted startup that said it planned to reach a valuation of $20 billion by 2020, sold to Walmart in a $3.3 billion deal which closed on Sept. 19 as the discount retailer plays catchup in its e-commerce business. Jet co-founder and former CEO Marc Lore now heads Walmart’s e-commerce business, with Recode reporting that Lore will receive up to $1 billion in cash and stock and will remain at Walmart for at least five years.