Dive Brief:
- Perfect Corp. announced that it acquired virtual try-on tech company Wannaby from Farfetch, according to a Dec. 23 press release. The deal is expected to close in the coming months and is subject to customary closing conditions.
- The acquisition will allow Perfect Corp. to expand its own virtual try-on tech into fashion categories including shoes, bags and apparel. The terms of the deal have not been disclosed by either party, according to a Perfect Corp. spokesperson.
- Farfetch will continue to tap into Wannaby’s tech following the acquisition. The deal marks the start of a collaborative relationship between Perfect Corp. and luxury digital marketplace Farfetch.
Dive Insight:
Perfect Corp. is expanding its virtual try-on capabilities into fashion categories through the acquisition of Wannaby — a company that has served over 30 luxury brands with its tech. Perfect Corp. already has coverage in jewelry and watches with in-house tech, but the deal will accelerate its overall strategy to become a “one-stop shop for luxury and fashion brands” with fashion technology adoption, according to a company spokesperson.
Farfetch acquired Wannaby in the spring of 2022 for $24.5 million in cash and nearly $5 million in shares.
"By welcoming Wannaby’s capabilities into our portfolio, we are poised to enrich our digital solutions and reinforce our presence in the fashion tech landscape,” Perfect Corp. CEO Alice Chang said in a statement. “This expansion into new fashion categories such as shoes and bags demonstrates our commitment to innovation and our ability to deliver exceptional value to clients across diverse sectors."
Per its own report, Perfect Corp. found that over 38% of experts said virtual fitting rooms and try-ons were the best way to bridge the gap between digital and physical retail experiences.
Perfect Corp. has previously partnered with other retailers and brands regarding its virtual try-on tech including Walmart, Face Haus, Dufry and Mineral Fusion.
