Pinterest has long been a source of inspiration for shoppers, and it hopes AI (artificial intelligence) can help it monetize purchases on its platform. On Friday, Pinterest announced plans to acquire THE YES, an “AI-powered shopping platform for fashion.”
THE YES allows people to purchase a personalized feed based on active user input on brand, style and size, he explained in today’s announcement, which included the following money shot: “THE YES’ brand relationships and shopping expertise can potentially be applied to other categories on Pinterest such as home, beauty and food.
Once the deal is finalized, THE YES co-founder and CEO Julie Bornstein will report to Pinterest co-founder and CEO Ben Silbermann. Bornstein will lead the vision and shopping strategy in a new strategic organization at Pinterest that “will help drive the evolution of features for Pinners and Merchants on Pinterest.”
Silbermann said Pinterest’s vision is to make it easier for shoppers to find the right personalized products based on their taste and style.
In the months following the closing of the transaction, Pinterest plans to terminate THE YES app and website to allow the merged teams to focus on integrating technology and “evolving its shopping vision “.
Subject to satisfaction of customary closing conditions, the transaction is expected to close by the end of June. Terms of the transaction were not disclosed.
You can find the press release on the Pinterest site.