Stitch Fix has acquired the intellectual property and technology from Finery, a platform that scans online shopping receipts to build a virtual wardrobe. Shoppers using the technology on their phones can then assemble outfit options and keep track of the garments they own.
Financial terms of the Finery acquisition have not been disclosed, but Stitch Fix did not acquire the entirety of Finery. Customer information is not included in the deal.
{loadposition GIAA}Finery customers have until Sept. 6 to download their saved wardrobe information or lose it. Stitch Fix will waive its $20 per Fix fee for a month for the Finery users that want to sign up with Stitch Fix, according to a report from Women’s Wear Daily.
The tech acquisition comes more than two months after Amazon launched Personal Shopper by Prime Wardrobe, positioned as a competitor to Stitch Fix in that both services send members a curated box of clothing choices every month. Beyond the Amazon threat, more apparel retailers are trying their hand at monthly subscription services, including Banana Republic, Bloomingdale’s, Urban Outfitters, American Eagle and Ann Taylor.
But Stitch Fix maintains its advantage over competitors with its focus on personalized styling, designed to hand-select the right clothes for shoppers. As members stick with the service, Stitch Fix collects more data designed to improve its predictive algorithms to tailor the exact look and fit each customer wants. The company has a growing list of 3 million+ clients sharing feedback, including sizing, likes and dislikes.
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Stitch Fix has acquired the intellectual property and technology from Finery, a platform that scans online shopping receipts to build a virtual wardrobe. Shoppers using the technology on their phones can then assemble outfit options and keep track of the garments they own.