Bonobos CEO Andy Dunn talks with Recode's Jason Del Rey about starting a digital-first clothing brand, selling it to Walmart and continuing to run it along with another company Walmart acquired, ModCloth. Dunn says the deal makes sense even though Bonobos won't be selling in Walmart stores; as an institution for "the vast majority of Americans," the company will help Bonobos access a much larger customer base online. Dunn talks about the calculus that led him to make a deal with Walmart, as opposed to an IPO, another acquirer or a private equity firm.

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