Wal-Mart Stores Inc, has announced that it will acquire Bonobos Inc, a New York based online fashion retailer site which designs and sells men’s clothing for $310 million.

Nevertheless, shares of Wal-Mart fell 6.5 percent to $ 73.78 in morning trading after Amazon said it would buy the  Whole Foods market in a deal worth $ 13.7 billion.

The news also dropped a lot of other retailers’ shares, including shares of Kroger Co, Target Corp and European Tesco Plc and Carrefour.

Amazon’s purchase of Whole Foods comes a month after the reports claimed that Wal-Mart is engaged in a price war with competitors such as Aldi and Kroger in the grocery store segment, which is about 56 percent of Wal-Mart’s revenue.

In a press release, Wal-Mart said that Bonobos clothing and accessories will be offered on the Jet.com e-commerce website.

It is expected that the transaction will end by the end of the second quarter or the beginning of the third quarter of the fiscal year Wal-Mart, ending in January 2018, the company said.

Wal-Mart bought the online store of women’s clothing ModCloth, outdoor clothing and retail gear Moosejaw and shoe shoes Shoebuy in the first three months of this year.

Love it? why not share it!