Globalscope advise founders of Fits.me on sale to Rakuten, Inc.
16 Jul 2015
Rakuten, the Japanese e-commerce giant, has acquired Fits.me, the start-up founded in Estonia, now headquartered in London, with staff also in New York. Fits.me uses innovative software technology to create virtual fitting rooms for e-commerce sites. Their pioneering technology has been changing how top brands, such as Thomas Pink, QVC and Pretty Green sell clothing online. The virtual fitting room helps shoppers better understand what clothes fit and suit them before they make purchase decisions. It also provides valuable insights to brands as they aim to better understand their customers, reduce the number of product returns, and enhance loyalty.
Rakuten plans to run Fits.me as a standalone business continuing to develop its technology and to support and grow current and future clients. It expects the acquisition to further strengthen its e-commerce offerings and marketing solutions by providing a greater personalization of the retail experience for shoppers while driving operational insights and efficiencies for retailers.
Globalscope member Cobalt advised the founder management team on their personal terms on the exit with the venture capital investors and the buyer. Terms of the transaction were not disclosed.
Fits.me enables leading apparel brands, retailers and merchants to engage with their shoppers, personalize their purchase journey and enjoy valuable operational insight through a portfolio of solutions centered on Fits.me’s expertise in fit preferences. The company employs over 60 operations and commercial staff in London, New York, and at three sites in Estonia, which provide its development, research and support operations.For further information, please visit the website.
Rakuten, based in Japan, is one of the leading electronic commerce and Internet companies worldwide. The Rakuten Ecosystem, which is formed by various services offered by Rakuten Group, is a one-of-a-kind member-based business model that connects Rakuten services through the Rakuten Super Points reward system. For further information, please visit the website.
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