Bonobos has named co-president and chief marketing officer Micky Onvural as its new CEO, the company told Inc. Her first day in her new role was Monday.
Onvural replaces Andy Dunn, who co-founded the online men's clothing retailer in 2007. Dunn will continue to serve as senior vice president of digital brands at Walmart, which acquired Bonobos in 2017 for $310 million. The decision to step down came after he decided he no longer had enough time to do both jobs. After the Walmart acquisition, he says he inherited different brands and businesses that took him away from his role at Bonobos.
"You sell your business and you don't think you'll work as hard," Dunn said, "but I'm working harder--just without the stress of wondering if we will make payroll."
Onvural joined Bonobos as co-president and CMO in 2016. She was previously the vice president of consumer marketing at real estate information website Trulia for three years. Prior to Trulia, she held similar positions at cloud computing company TokBox and eBay. At Bonobos, Onvural will report to Dunn and Marc Lore, the head of Walmart's e-commerce division. Her promotion to CEO makes her one of the few women to serve as chief executive of a menswear brand.
"It's certainly not where I'd expected to be," Onvural said in an interview with Inc. She added that Bonobos does not have plans to expand into women's clothing. One of Onvural's goals for the company is to continue making its clothing more inclusive in terms of sizing. The company currently has 195 fit combinations.
Dunn said the decision to name a woman as CEO of a menswear brand is illustrative of a sea change in corporate decision making. "It's proof that the world we are moving toward is not one where your gender defines you or the work you can do," he said.
Bonobos has 55 stores across the U.S. and employs about 500 people. Prior to being acquired by Walmart, the company raised $128 million from investors including Accel Partners and Lightspeed Venture Partners. Bonobos started out selling men's chino pants online before expanding to become a full menswear brand with physical showrooms where customers could try on clothes before ordering them. A spokesperson for the company declined to disclose revenue data or say whether Bonobos has reached profitability.
A mother of three, Onvural says she hopes her promotion will reinforce the idea that women can have a family and a successful career. "You can do this and it doesn't have to be at the expense of your personal values or personal life," she said. "It requires the support of an incredible partner."