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.
The social media platform acquired the fit tech startup, it announced Wednesday, in an attempt to further move into the fashion and e-commerce space. The terms of the deal were not disclosed.
Berlin-based Fit Analytics uses data to help shoppers find the right sizes for apparel and footwear, in addition to other personalisation tools aimed at boosting sales.
Fit Analytics’ technology team will report to Snapchat vice president of engineering Nima Khajehnouri. Fit Analytics confirmed in a statement that they will work on helping Snapchat build its own shopping platform while operating its own business separately. The startup has already worked with a large number of retailers including Asos, Calvin Klein and Patagonia.
”By leveraging Snap’s scale and capabilities, we will not only continue to service our existing clients, but also deepen our relationships and offerings with our brand partners and retailers,” Fit Analytics’ chief executive and co-founder Sebastian Schulze wrote in a blog post announcing the deal.
The nature of livestream transactions makes it hard to identify and weed out counterfeits and fakes despite growth of new technologies aimed at detecting infringement.
The extraordinary expectations placed on the technology have set it up for the inevitable comedown. But that’s when the real work of seeing whether it can be truly transformative begins.
Successful social media acquisitions require keeping both talent and technology in place. Neither is likely to happen in a deal for the Chinese app, writes Dave Lee.
TikTok’s first time sponsoring the glitzy event comes just as the US effectively deemed the company a national security threat under its current ownership, raising complications for Condé Nast and the gala’s other organisers.