Marc Lore is an entrepreneur and president and Chief Executive Officer of Walmart eCommerce U.S. He was appointed in September 2016 to lead U.S. e-commerce when his company Jet.com, an e-commerce startup launched in 2014, was acquired by Wal-Mart Stores, Inc.[1] Prior to Jet, Marc co-founded Quidsi, the parent company of a family of websites such as Diapers.com and Soap.com, with childhood friend Vinit Bharara. The Quidsi company was sold in 2011 to Amazon for $545 million.
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[hide]Career[edit]
Marc has worked in the finance industry, at Banker's Trust, Credit Suisse First Boston, and Sanwa Bank. He then embarked on entrepreneurial ventures. He was co-founder and CEO of The Pit, Inc.,[2] which he successfully sold in 2001 to the then public Topps Company. He joined the Topps Company as the Chief Operating Officer of one of its subsidiaries, Wizkids, Inc.[3]
In 2005, he and Vinit Bharara founded 1800DIAPERS, which would be rebranded as Diapers.com and fall under the parent corporation Quidsi, Inc. According to a 2009 interview, his vision for Diapers was inspired by his own family's experience with the difficulty of keeping necessary baby-care goods in stock.[4] From 2005 to 2012 the company launched a portfolio of websites catering to families, including Soap.com and Wag.com. Lore and Bharara were successful in building a loyal customer base[5] among young parents in urban areas. To improve the economics of shipping bulky, low-margin products like diapers to their customers, they established warehouses relatively close to urban areas to take advantage of ground shipping rates,[6] instituted algorithms to minimize ship cost, and conducted warehouse operations using Kiva robots.[7] The company was sold to Amazon in 2011 for $545 million.[8] Lore then worked for Amazon for over two years.[9]
Jet.com[edit]
In 2014, Marc Lore co-founded an e-commerce company, Jet, with Nate Faust and Mike Hanrahan.[10] The company raised a total of $80 million in Series A funding, which closed in November 2014 [10] Investors include NEA, Accel Partners, Bain Capital Ventures, and Mentortech Ventures.[11] In November 2014, Jet launched a campaign offering stock options to users generating word-of-mouth for the company in advance of launch.[12] In January 2015, Jet was featured in a cover story in Bloomberg Businessweek, in which it was revealed that Jet would be a shopping club in which members will pay an annual fee of $49.99 to access the lowest prices on millions of items,[13] although the membership fee was eliminated in October 2015.[14] In February 2015 Jet raised an additional $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Alibaba Group, New Enterprise Associates, and others.[15] Beta testers in May 2015 reported cheaper prices than Amazon but longer delivery times.[16] On 21 July 2015, Jet.com opened to the public.[17]
On August 8, 2016, Walmart announced it had agreed to acquire Jet.com for $3B in cash and $300M in stock. Following the acquisition, Lore was appointed president and Chief Executive Officer of Walmart eCommerce U.S.[18]
Early life and education[edit]
Marc is a graduate of Bucknell University, class of 1993,[19] where he earned a Bachelor of Arts degree in Business Management/Economics, cum laude. He is currently on leave from the Wharton School of the University of Pennsylvania. He is also a CFA Charterholder.
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