The parent company of Snapchat, Snap, has acquired Fit Analytics. It is a startup in the field of apparel and footwear technology. Reportedly, this acquisition will help the company add a substantial e-commerce technology business to its portfolio.
The leading apparel brands and retailers like North Face, Asos, Calvin Klein, Patagonia across the six continents, and more use Fit Analytics' platform to solve sizing at scale and deliver ‘meaningful bottom-line impact’.
The company released a statement on Wednesday and said, "We are thrilled to announce that Fit Analytics will soon become a part of Snap. This acquisition will strengthen Fit Analytics' position as an industry leader in apparel and footwear technology. For a Fit Analytics partner, this is only the beginning.” Snap also added, “The major focus going forward will be to scale the Fit Analytics business and work with Snap to grow their shopping platform, leveraging its technology and expertise.”
Fit Analytics also said, "Our teams will work jointly and execute next-gen shopping, fashion, and style offerings.”
The Fit Analytics sizing platform combines the world's largest database of garments. It fits information with hundreds of billions of dollars of purchasing records and consumer preferences.
"We've created a range of innovative solutions that help you see improvements throughout the apparel lifecycle, by applying the power of machine learning to this unique data set from manufacturing to marketing," it explained.
*Edited from an IANS report.