The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
VENICE, United States — Snap Inc. has a deal to pay Amazon.com Inc. at least $1 billion for internet services over the next five years, adding to a $2 billion agreement it already has with Alphabet Inc.'s Google.
Details of the deal were released Thursday in an update to Snap’s initial public offering documents. Snap will pay Amazon $50 million in 2017 and then spend progressively more on the e-commerce giant’s cloud and infrastructure services through 2021.
Snap outsources the heavy-lifting of data storage to outside companies rather than building its own server warehouses. Splitting the work between Google and Amazon decreases the company’s reliance on a single company. The filing also states Snap could still build its own infrastructure.
Snap, a photo and video-sharing app popular with teens and millennials, filed for an initial public offering last week. The company is seeking a valuation of as much as $25 billion.
By Gerrit De Vynck; editors: Jillian Ward, Molly Schuetz and Nate Lanxon.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.