M&S, one of the most well-known and respected clothing brands in the UK, has recently announced the acquisition of the intellectual property of the collapsed AI clothing brand Thread.
The Thread was founded in 2014 and was one of the most favorable start-ups in the fashion tech industry, with the aim of providing a more individualized and tailored shopping experience by combining data and machine learning. They used customer data to make personalized recommendations, as well as allowing customers to create their own ‘Threads’ – a personalized selection of clothes that could be purchased on the website.
The company had received a total of £21 million in funding before its collapse in April 2019. Although the reasons for its closure remain unclear, it is believed that the company was unable to scale up sufficiently to meet demand.
The acquisition of Thread’s IP by M&S is a major boost for the British retailer, which is looking to increase its online presence and tap into the lucrative AI clothing market. The acquisition will allow M&S to use Thread’sThread’s technology and algorithms to improve its online shopping experience.
M&S CEO Steve Rowe said: “We are delighted to have acquired the intellectual property of Thread as part of our ongoing drive to improve the digital customer experience. We believe that the technology and data that Thread had developed can help us to provide an even better, more personalized shopping experience.”
The acquisition is part of M&S’s strategy to become more digitally focused, with the aim of providing customers with a more individualized shopping experience. The company has already launched its ‘M&S Personal Shopping’ service, which uses AI to help shoppers find the perfect outfit for any occasion.
The acquisition of Thread’s IP will also help M&S to compete with other online retailers, such as Asos and Boohoo, who have already established a strong presence in the fashion tech market.
It is hoped that the acquisition will help M&S to remain competitive in the ever-growing online retail market and to provide customers with an even better shopping experience.
The acquisition of Thread’s IP is just the latest in a series of investments made by M&S in digital technology. This includes investments in technology such as AI and machine learning, as well as in the development of its own mobile app.
M&S is clearly committed to creating an improved and more personalized digital shopping experience for its customers, and the acquisition of Thread’s IP will no doubt be a major step toward achieving this goal.
It remains to be seen how M&S will use the technology acquired from Thread, but it is clear that the company is dedicated to improving its online presence and providing customers with a more tailored shopping experience.