NEW YORK – Perfect Corporation (NYSE: PERF), a leader in beauty and fashion technology with a market capitalization of $226.61 million and an impressive gross margin of approximately 80%, today announced that it has acquired immersive specialist Wannaby Inc. announced an agreement to acquire . A digital experience for the fashion industry. The acquisition, which is expected to close in the coming months and is subject to standard terms, will enable Perfect Corporation to expand its technology offering into luxury goods areas such as shoes, bags and apparel.
Wannaby is known for its virtual try-on technology and digital solutions, collaborating with over 30 high-end brands. The integration of Wannaby’s capabilities and Perfect Corp.’s advanced beauty technology is expected to transform the digital landscape of fashion and beauty. Perfect Corp. CEO Alice Chang said the acquisition underscores the company’s commitment to innovation and expanding its digital solutions portfolio.
The transaction also begins a collaboration between Perfect Corp. and global luxury fashion marketplace Farfetch (OTC:), which will continue to incorporate Wannaby’s solutions to power its digital shopping experience. .
Perfect Corp. is known for its AI and AR technology solutions, providing virtual try-ons and beauty diagnostics to millions of people around the world. Its technology is powering the digital transformation of leading beauty brands and improving the online shopping experience. According to data from InvestingPro, the company has experienced revenue growth of 15.84% over the past 12 months, has shown solid execution, and maintains a healthy financial position with a current ratio of 5.46.
Wannaby is at the forefront of augmented reality and computer vision technology, providing a virtual try-on platform for fashion items and revolutionizing online shopping for consumers and retailers.
This press release contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance and should not be relied upon as representing the views of Perfect Corp. after the date of this press release. The company’s filings with the Securities and Exchange Commission detail potential risks and uncertainties that could affect actual results. The stock is trading near fair value, according to InvestingPro analysis, and subscribers get 12 more exclusive insights.
In other recent news, Perfect Corp. has made significant strides in both financial performance and technological advancements. The company’s financial results for the third quarter of 2024 showed a significant improvement in operating profit margin compared to the same period last year, and a double-digit increase in sales. Despite this, Perfect Corp.’s future earnings growth estimates were slightly lower than expected. These recent developments have been noted by Oppenheimer, which maintains its Perform rating.
Perfect Corp.’s growth was primarily driven by its core AI/AR cloud solutions and consumer business, which helped it achieve record net income under International Financial Reporting Standards. However, the company’s number of major customers remains the same, and the current scale of sales growth has not generated much investor interest.
In addition to its financial performance, Perfect Corp. partnered with RéVive Skincare to develop new AI skin simulation technology. The initiative aims to improve the shopping experience of potential customers by visually demonstrating the effectiveness of RéVive’s skin care line. This collaboration highlights Perfect Corp.’s innovative capabilities as well as its commitment to meeting consumer needs in the beauty industry.
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