Snapchat’s parent company lays off 10% of global full-time workforce
Snap, the parent company of Snapchat, on Monday announced to lay off approximately 10 per cent of its global full-time employees.
Snap wants Snapchat’s users to shop more stuff via the social app. As a part of the strategy, the company has acquired Fit Analytics, a startup in the field of apparel and footwear technology. The acquisition will help Snap add a substantial e-commerce technology business into its portfolio.
The financial terms of the deal were not disclosed.
“We are excited to announce that Fit Analytics will become part of Snap. This acquisition will strengthen Fit Analytics’ position as an industry leader in apparel and footwear technology. If you are a Fit Analytics partner, this is only the beginning,” the company said in a statement on Wednesday.
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The main focus going forward will be to scale the Fit Analytics business and work with Snap to grow its shopping platform, leveraging its technology and expertise, the company added.
“Our teams will be jointly executing on next-gen shopping, fashion and style offerings,” Fit Analytics said.
The Fit Analytics sizing platform combines the world’s largest database of garment and fit information with hundreds of billions of dollars of purchasing records and consumer preferences.
“By applying the power of machine learning to this unique data set, we’ve created a range of innovative solutions that help you drive improvements throughout the apparel lifecycle from Manufacturing to Marketing,” it said.
Founded in 2010, Fit Analytics is a Berlin-based firm that provides a product called Fit Finder to over 18,000 retailers and brands. Leading apparel brands and retailers across six continents, including North Face, Asos, Calvin Klein, Patagonia, Puma and more are using Fit Analytics’ platform to solve sizing at scale and deliver “meaningful bottom-line impact”.
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