The fashion tech tool scans online shopping receipts to build a virtual wardrobe, and then offers users styling tips to pair the pieces they already own. Stitch Fix, which curates boxes of apparel and accessories based on client profiles, has purchased the rights to Finery’s intellectual property and technology, according to a Finery Instagram post Friday.
“We have been sitting on this news for a while now and are THRILLED to finally share…after almost 4 years of hard work from every single Finery team member, we are very proud to announce that our technology and IP has been acquired by Stitch Fix!” the post stated, continuing, “As a fellow female-founded company specializing in tech and innovation for the wardrobe; we are so happy that Finery found a new home.”
A PR representative for Stitch Fix confirmed the acquisition to Sourcing Journal, but declined to provide financial details. Finery users will have until Friday Sept. 6 to download their wardrobes, the representative said, adding that they have received email instructions on how to do so.
“As a company, we’re constantly thinking of new ways to better serve our clients and learn more about their style needs,” an emailed statement from Stitch Fix read. “Some of our most successful product initiatives have emerged from experimentation with data science. We’re excited about the potential of what we can learn through the technology that Brooklyn, Whitney and the Finery team have built.”
The marriage of the two fashion tech companies is an intuitive one. Stitch Fix uses machine learning processes to provide clients with pieces that fit their lifestyles, while Finery’s technology stands to help them make the most of their purchases with its styling tools.
While Finery’s Instagram post would indicate the acquisition was long in the making, it comes an an optimal time for Stitch Fix.
The long-reigning pioneer in the apparel subscription box space has been recently challenged by newcomers—most notably, Amazon’s Personal Styling by Prime Wardrobe service, which launched in July. The addition of Finery’s IP could provide the company with the differentiator it needs to stave off Amazon’s advances.
“We’re excited to test and learn with Finery’s technology, to see how it can help us to serve our clients even better and continue to scale personalization,” a Stitch Fix representative told Sourcing Journal.