The comments follow a report by The Wall Street Journal that the company ended talks to spin off the business and will now restructure it.
Thursday, Scott Eckert, head of the retailer's technology incubator Store No. 8, said Jetblack has graduated from its tech incubator and will become part of Walmart's customer organization.
"We've learned a lot through Jet black, including how customers respond to the ability of ordering by text as well as the type of items they purchase through texting," Eckert said in the post. "We're eager to apply these learnings from Jet black and leverage its core capabilities within Walmart."launched in New York City in May 2018to high-end customers, and was priced at $50 a month when it rolled out.
Since its launch, the service has struggled to gain traction. Jetblack's CEO and co-founder Jenny Fleiss, who co-founded Rent the Runway, was replaced by Nate Faust in October. The service had less than a thousand customers as of last year, according to The Journal report.Walmart shares were trading higher Thursday, up about 1%. The stock, which is valued at $332.5 billion, is up nearly 20% over the past year.
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