Pinterest acquires fashion shopping platform The Yes
Pinterest has signed a definitive agreement to acquire The Yes, an AI-powered shopping service focused on fashion.
Founded by Amit Aggarwal and former Stitch Fix COO Julie Bornstein, the platform provides users a personalised daily shopping feed as they shop with hundreds of online fashion platforms and websites.
Pinterest said in a press statement that The Yes' AI technology will accelerate Pinterest’s shopping vision and establish a new strategic organisation.
The acquisition will see Bornstein report to Pinterest’s Co-Founder and CEO, Ben Silbermann. The new management team will create a new and strategic organisation dedicated to Pinterest’s "taste-driven shopping efforts to help steer the evolution of features for Pinners and merchants on Pinterest".
The transaction is expected to close in the second quarter of 2022, with The Yes shutting down its app and site to focus solely on Pinterest. Financial details of the transaction were not publicly disclosed.
Commenting on the acquisition of The Yes, Bornstein said :"I’ve spent my career at the intersection of shopping, fashion and technology and have seen firsthand 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 utilising such an inspirational platform is an exciting and ideal next step for our team and technology."
Silbermann added: "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."