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.
Microsoft Corp approached Pinterest Inc in recent months about a potential deal to acquire the $51 billion social media company, the Financial Times reported on Wednesday, citing people briefed on the matter.
The negotiations were currently not active, according to the report.
A general shift to virtual interactions leading to increased engagement on social media platforms benefited Pinterest as well, with its monthly active users jumping 37 percent to 459 million in the fourth quarter.
The company said it added a record 100 million monthly active users in 2020.
ADVERTISEMENT
Pinterest’s shares have risen over seven times from its pandemic-low in March last year. Pinterest had previously signalled it wants to remain an independent company, the FT said.
The social media company generates revenue by placing advertisements next to the Pins, or posts, uploaded on the site by users.
A deal between the two companies would also have tested the Biden administration’s appetite for allowing powerful technology companies to strike deals, according to the FT.
Both companies did not respond to Reuters’ requests for comment.
Reporting by Vishal Vivek and Shubham Kalia in Bengaluru; Editing by Krishna Chandra Eluri.
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.
Brands including LVMH’s Fred, TAG Heuer and Prada, whose lab-grown diamond supplier Snow speaks for the first time, have all unveiled products with man-made stones as they look to technology for new creative possibilities.
Social networks are being blamed for the worrying decline in young people’s mental health. Brands may not think about the matter much, but they’re part of the content stream that keeps them hooked.
After the bag initially proved popular with Gen-Z consumers, the brand used a mix of hard numbers and qualitative data – including “shopalongs” with young customers – to make the most of its accessory’s viral moment.