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Wal-Mart has been contemplating the acquisition since April to expand in the fast-growing online retail market and compete against the largest U.S. online retailer, Amazon.com, Inc. AMZN . Wal-Mart will pay $310 million in cash for the buyout, which is still subject to regulatory approval. The deal is expected to close toward the end of the second quarter or the beginning of the third quarter of this fiscal year. Founded in 2007 by CEO Andy Dunn and Brian Spaly, Bonobos started as an e-Commerce shop, catering to the needs of athletes. Later, this New York-based company started producing dress shirts, suits and outerwears. Nordstrom, Inc. JWN is an investor in Bonobos and started carrying the brand in stores and on its e-Commerce site since 2012.

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