Pinterest acquires AI-powered fashion shopping startup THE YES
- ByStartupStory | June 4, 2022
Pinterest, a photo-sharing social media network, has paid an unknown sum for the acquisition of ‘THE YES,’ an AI-powered retail firm. The Yes was created in 2018 by CEO Julie Bornstein, a veteran of the eCommerce and fashion industries, and CTO Amit Aggarwal, a veteran of the computer business.
THE YES has grown over the years to give a customised daily shopping feed developed for each user that learns their style as they shop with hundreds of merchants across the fashion spectrum, including big names and discovery businesses. It also provided a diverse range of labels, including Gucci, Prada, and Erdem, as well as modern names like Vince and Theory, direct-to-consumer brands like Everlane and La Ligne, and everyday brands like Levis. The startup stated late Thursday that it expects the transaction to be finalised in the second quarter of 2022.
Bornstein will report to Pinterest’s Co-Founder and CEO, Ben Silbermann, when the deal is completed, to drive Pinterest’s retail vision and strategy. Pinterest intends to discontinue THE YES app and website in order for the amalgamated teams to focus on technological integration and expanding its commerce ambitions.
Ben Silbermann, the co-founder and CEO of Pinterest said that THE YES team specialises in creating a seamless shopping experience. They share our objective of making it simple to locate the correct goods that are tailored to your preferences and style.
Julie Bornstein, the CEO of THE YES said that joining forces with Pinterest to expand our reach through such an inspiring platform is an exciting and excellent next step for our team and technology.
THE YES arrives as Pinterest attempts to negotiate a shift in how people purchase online. While users used to rely on Pinterest’s picture pinboard for inspiration, they are now more drawn to creator material, video, and highly tailored feeds. Given the technology that powers the Yes, it may be able to assist with the latter.
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