Pinterest announced on 2nd June, 2022 that the company has signed an agreement to acquire THE YES, an AI powered fashion-shopping platform that enables users to shop a personalised feed based on their active input on brand, style, and size.
SEE ALSO : Puig acquires majority stake in Byredo (UPDATED)
Pinterest is a shopping platform that brings together the unique commercial intent of its audience and the ability to visually explore products as you would in a magazine or catalog. In a world of impulse buying, Pinterest is designed to enable inspired shopping. It’s like a catalog, personalized to your unique tastes.
THE YES was founded in 2018 by CEO Julie Bornstein, an ecommerce and fashion industry veteran and CTO, tech industry veteran Amit Aggarwal. Over the past several years, THE YES scaled to provide a personalised daily shopping feed built for each user that learns their style as they shop with hundreds of merchants, including global brands and discovery brands across the fashion spectrum.
With hundreds of brand merchants on its platform, the team at THE YES has built an extensive fashion taxonomy that uses human expertise and machine learning to power a comprehensive algorithm in fashion. THE YES’s brand relationships and shopping expertise can potentially be applied to other categories on Pinterest such as home, beauty and food.
Upon the closing of the transaction, Julie will report to Pinterest’s Co-Founder and CEO, Ben Silbermann, and will lead shopping vision and strategy across Pinterest, creating a new and strategic organization dedicated to Pinterest’s taste-driven shopping efforts that will help steer the evolution of features for Pinners and merchants on Pinterest.
“THE YES team are experts in building an end-to-end shopping experience. They share our vision of making it simple to find the right products that are personalized for you based on your taste and style. We’re very excited about THE YES’s talented team and technology as we build dedicated shopping experiences on Pinterest,” said Ben Silbermann, Co-Founder and CEO of Pinterest.
SEE ALSO : Marquee Brands acquires Anti Social Social Club
“I’ve spent my career at the intersection of shopping, fashion and technology and have seen first-hand the valuable impact of building technology that enables brands to join a platform with ease while enabling customers to share their preferences. Joining forces with Pinterest to broaden our reach utilizing such an inspirational platform is an exciting and ideal next step for our team and technology,” said Julie Bornstein, Founder and CEO of THE YES.