Wal-Mart issued an announcement on Friday, announcing that it plans to spend a total of US$310 million in cash to acquire Bonobos, a menâ€™s e-commerce website. Wal-Mart said it has reached an agreement with Bonobos. However, the transaction needs to be approved by the regulatory authorities. Wal-Mart said it expects the deal to be completed by the end of the second quarter or early in the third quarter. Wal-Mart to Purchase 310 Million U.S. Dollar Men's E-Commerce Bonobos Andy Dunn, founder and CEO of Bonobos, will report directly to Marc Lore, CEO of Wal-Mart U.S. e-commerce. Bonobos will still operate as a brand independent of Wal-Mart. Dunn said, â€œTen years ago, we founded the Bonobos website. Our goal is to provide male customers with completely different products and shopping experiences in a new and imaginative way, and provide better and better clothing. In the future, this will remain our mission. We are happy to use all our experience to lead the trend in the next retail era." The competition between Wal-Mart and Amazon is constantly escalating. Wal-Mart acquired Jet.com, an e-commerce start-up, for $3.3 billion last year. However, Amazon is also exploring the offline market. Amazon announced on Friday that it intends to spend US$13.7 billion to purchase a Whole Foods Supermarket. Buying a Whole Foods Supermarket can turn Amazon into a grocer giant overnight. Amazon also announced earlier this month that it will lower membership fees for low-income consumers to compete for customers in Wal-Martâ€™s main markets. Because a large portion of Wal-Mart's sales come from low-income consumers who receive government subsidies.