Walmart buys online lingerie retailer Bare Necessities

NEW YORK (AP) — Walmart says it's buying online lingerie retailer Bare Necessities, the latest acquisition in its niche-brand buying spree.

Walmart declined to disclose how much it's paying for Bare Necessities, but says the deal will help deepen its expertise in the world of bras, swimwear and shapewear.

The company said Friday that Bare Necessities will remain as a stand-alone site. As part of the acquisition, Noah Wrubel, CEO and co-founder of Bare Necessities, will lead the intimates area for both Walmart.com and Jet.com, while also continuing to run Bare Necessities.

Walmart is aiming to attract younger, more affluent shoppers with its string of acquisitions. Two years ago, it bought Jet.com for more than $3 billion and since then it's been buying smaller online brands including Bonobos and Moosejaw.