Walmart has announced that it has entered into an agreement to acquire Bonobos, Inc., one of the leading apparel brands built on the internet, for $310 million in cash. The acquisition, which is subject to regulatory approval, is expected to close toward the end of the second quarter or the beginning of the third quarter of this fiscal year.

Following the closing, Andy Dunn, founder and CEO of Bonobos will report to Marc Lore, President and CEO of Walmart US e-commerce, and oversee the company’s collection of digitally-native vertical brands.