The internet giant has announced the deal through a press release posted on the Investor Relations sections of its site. The statement says that the company has agreed a buyout with the fashion/design oriented social shopping site, which will see it integrated with its own Yahoo Style and Yahoo Beauty. The company did not disclose any financial details relating to the deal.
The press release also says that the deal will greatly help Yahoo with advertising and digital sales/distribution, by incorporating more than 350 retailers with the buy. Another aspect mentioned is the collaboration of the two companies in creating shopping ads to maximize revenue from retail sales. Polyvore is set to integrate and also provide a boost to Yahoo MaVeNS growth strategy – which sets the company’s goals as mobile, video, native and social.
Polyvore launched in February 2007 after a brief, but successful spell as a prototype, and received initial investments from Reid Hoffman, Benchmark, Nirav Tolia and Harrison Metal in December that year. The site rapidly made itself a devout user base and reached profitability in 2011, followed up by the 2012 opening of a New York office.
As of May 2014 estimates indicate that Polyvore’s website received 20 million unique visitors each month, a good part of which return at least 100 times to it over the course of a month. Nicknamed by some as “fashion’s democracy”, the site lets users group their favorite sets of clothing/accessories/goods by sets and promote them to other users, generating a heavily social-oriented experience.
“I’m delighted to join Yahoo. Our core mission of empowering people to feel good about their style will remain the same, but with Yahoo’s help we’ll be able to make Polyvore even bigger and better for our user community,” said Jess Lee, Co-Founder and CEO, Polyvore.
Yahoo has clarified that Polyvore will continue to exist in its current form, with its website and all of its current products and services remaining accessible to users. The changes will be more at an administrative level – with Polyvore CEO Jess Lee reporting to Yahoo SVP Simon Khalaf, while the platform will also get a high amount of exposure over Yahoo’s network. However, the acquisition still needs to be closed for this to take effect.
Image Source: celebcafe