Pinterest is getting TheYes, the AI-powered e-commerce platform co-founded by Stitch Fix alum JulieBornstein, the business revealed on Thursday.
TheYes formally released as an app in May 2020 with Bornstein (who operated at Nordstrom, Urban Outfitters and Sephora prior to signing up with Stitch Fix as Chief Operating Officer) as CEO and fashion market veteran TaylorTomasi Hill as innovative and fashion director, following 18 months of advancement and having actually raised $30 million in financing from a group of financiers that consisted of Forerunner Ventures, New Enterprise Associates and True Ventures, per TechCrunch (In a January2022 interview with Glossy‘s Jill Manoff, Bornstein stated the business had actually raised $40 million in overall.) Its huge draw was the curated shopping experience customized to each consumer’s design and brand name choices by its algorithm.
“Ultimately what we’ve built is sort of a next-generation shopping platform where we have a very large brand assortment,”Borstein informed HarvardBusiness School senior speaker Jill Avery in a current episode of the Cold Call podcast “Our goal is to have the largest of branded fashion… and for the consumer to be able to come in and answer some quick and fairly straightforward but high-signal questions that help us understand her. The entire platform and shopping experience adapts to each user, so every customer is shopping a store built around them.”
Since its launching, The Yes has actually grown its lineup of designers to cover whatever from high-end to mass market, from Prada and Bottega Veneta to Khaite and Altuzarra to Madewell andStaud It presented a site in July2021 Earlier this year, it began a commitment program
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The regards to the offer– which is anticipated to close in the 2nd quarter of 2022– weren’t divulged. Once its done, Borstein will report to BenSilbermann, the co-founder and CEO of Pinterest, and “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,” according to a news release. The rest of The Yes’ group will sign up with Pinterest, too, which the business will close down the app.
“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,”Borstein stated, in a declaration. “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.”
Pinterest’sSilbermann included: “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’ talented team and technology as we build dedicated shopping experiences on Pinterest.”
This is the 2nd little retail acquisition news to drop today: On Wednesday, Dia & &Co revealed it was purchasing plus-size high-end e-tailer 11 Honor é.