Buy not build: Marks and Spencer snaps up Thread fashion technology know how
Marks and Spencer has bought the intellectual property of Thread, the fashion personalisation website which recently went into administration.
The pre-pack deal includes Thread’s source codes and algorithms that will be integrated into the M&S site.
The retailer will also hire 30 of Thread’s staff, including founders Kieran O’Neill and Ben Phillips.
Katie Bickerstaffe, Co-CEO, M&S, comments: “The acquisition of Thread is the perfect example of a ‘buy not build’ approach – enabling us to accelerate our personalisation strategy by integrating the market leading tech on M&S.com in under 12 months.”
“We’re taking personalisation to the next level to inspire our customers with tailored outfit inspiration.”
“We have been working hard to deliver better, more stylish ranges and this algorithm will also put more of our great product in front of the customer, whilst further unlocking the potential of our third-party brand strategy, by adding outfit completing product ideas
“We already know the incremental value personalisation can bring and we anticipate that personalisation will generate more than £100 million of annualised incremental revenue for the business.”
O'Neill says: “We have worked for the past 10 years on building the most advanced AI personalisation for online fashion, proven to increase customer conversion and repeat orders.”
“We’re so excited to join forces with M&S; through their infrastructure and support, we’re able to take our market leading technology to the next level, providing a personalised and unique shopping experience for their 30 million customers.”
2022 RTIH Innovation Awards
M&S has been shortlisted in the Most Innovative UK Retailer category at the 2022 RTIH Innovation Awards.
B&Q, Boots UK & Ireland, Currys, Tesco, and The Very Group are also in the running.
The winner will be revealed at an exclusive event in central London on Tuesday, 6th December.
RTIH Editor, Scott Thompson, says: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who have entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“I’m now looking forward to deciding the winners with our judging panel and announcing them at our central London event in December.”
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