👠 Perfect Corp’s Bold Move
Perfect Corp. is making waves in the fashion tech space by acquiring Wannaby from Farfetch. The deal, announced on Dec. 23, is set to close soon, pending customary conditions. Wannaby’s virtual try-on technology has powered over 30 luxury brands, making it a natural fit for Perfect Corp.’s ambitious expansion. Known for its virtual try-on tools in jewelry and watches, Perfect Corp. plans to diversify into shoes, bags, and apparel.
💼 Farfetch's Strategic Collaboration
Farfetch acquired Wannaby in 2022 for $24.5M in cash and $5M in shares. Despite selling Wannaby, Farfetch will continue leveraging its technology. This acquisition signals the start of a collaborative relationship, aligning Farfetch’s digital luxury expertise with Perfect Corp.'s innovative tech solutions. The move reflects Farfetch’s strategy to balance tech partnerships while focusing on its marketplace.
🚀 The Luxury Tech Push
Perfect Corp. CEO Alice Chang emphasized the company’s commitment to innovation, stating that integrating Wannaby enhances their ability to deliver value across sectors. Over 38% of experts in a company report identified virtual try-ons as the bridge between online and offline shopping. With luxury brands increasingly investing in digital transformation, Perfect Corp. positions itself as a key player.
📈 Growth Through Partnerships
Perfect Corp.’s partnerships with Walmart, Dufry, and Mineral Fusion have showcased its tech in beauty and retail. By incorporating Wannaby, the company moves closer to becoming a “one-stop shop” for luxury brands adopting virtual fashion technology. This acquisition underscores its ambition to dominate the digital luxury fashion space while redefining shopping experiences.
Is virtual try-on tech the future of luxury fashion?
