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Diving overview:
According to a Dec. 23 press release, Perfect Corp. announced that it has acquired virtual try-on technology company Wannaby from Farfetch. The transaction is expected to close in the coming months and is subject to customary closing conditions. The acquisition will allow Perfect Corp. to expand its proprietary virtual try-on technology into fashion categories such as shoes, bags and apparel. Terms of the deal were not disclosed by either party, according to a Perfect Corporation spokesperson. Farfetch will continue to leverage Wannaby’s technology following the acquisition. This agreement marks the beginning of a partnership between Perfect Corp. and luxury digital marketplace Farfetch.
Dive Insight:
Perfect Corp. is expanding its virtual try-on capabilities into the fashion category through the acquisition of Wannaby, which has provided its technology to more than 30 luxury brands. Perfect Corporation already leverages in-house technology to cover the jewelry and watch sectors, but a spokesperson for the company said the partnership will allow it to bring in fashion technology to “once luxury and fashion brands.” This will accelerate the overall strategy of becoming a top shop.
Farfetch acquired Wannaby in spring 2022 for $24.5 million in cash and nearly $5 million in stock.
“By welcoming Wannaby’s capabilities to our portfolio, we are poised to enrich our digital solutions and strengthen our presence in the fashion technology space,” said Alice Chang, CEO of Perfect Corp. said in a statement. The bags are a testament to our commitment to innovation and our ability to provide exceptional value to customers in a variety of sectors. ”
In an exclusive report, Perfect Corporation found that more than 38% of professionals say virtual fitting rooms and fittings are the best way to bridge the gap between digital and physical retail experiences .
Perfect Corp has previously partnered with other retailers and brands on virtual try-on technology, including Walmart, Face Haus, Dufry and Mineral Fusion.
