Pinterest Acquires The Yes, an AI-Powered Shopping Startup Founded by Former Stitch Fix Executive
A New Strategic Organization Emerges Within Pinterest
In a move aimed at improving the online shopping experience on its platform, Pinterest has announced the acquisition of The Yes, a fashion-focused AI-powered shopping service founded by e-commerce veteran and former Stitch Fix COO Julie Bornstein. The deal, which was announced this afternoon, will help establish a new strategic organization within Pinterest to drive shopping efforts, including feature development for both shoppers and retailers.
Understanding The Yes
The Yes was founded in 2018 with the goal of creating a personalized daily shopping feed that learns a user’s style as they shop from hundreds of fashion merchants. With a focus on women’s fashion, including apparel, handbags, accessories, and more, The Yes catered to active online shoppers who browse and purchase products in a more engaged manner. Unlike Bornstein’s earlier efforts at Stitch Fix, which included human stylists selecting items for customers’ monthly boxes, The Yes offered a broader selection of brands, ranging from luxury labels like Gucci and Prada to direct-to-consumer brands like Everlane and La Ligne.
Key Features of The Yes
- Personalized Daily Shopping Feed: The Yes built a feed that learns a user’s style as they shop from across hundreds of fashion merchants.
- Fashion Taxonomy: The Yes developed an extensive fashion taxonomy that utilized human expertise and machine learning to power its fashion-finding algorithms.
- Broad Selection of Brands: The app offered a wide range of brands, including luxury labels and direct-to-consumer brands.
How This Acquisition Benefits Pinterest
This acquisition is particularly interesting in light of Pinterest’s efforts to shift how people shop online. While users once relied on Pinterest’s pinboard of images for inspiration, today they’re more drawn to creator content, video, and highly personalized feeds. The Yes may be able to help with the latter, given its AI-powered shopping technology.
Deal Terms and Future Plans
Deal terms were not disclosed, but the acquisition will help establish a new strategic organization within Pinterest to drive shopping efforts. Upon the deal’s closure, Pinterest expects Bornstein to report directly to co-founder and CEO Ben Silbermann and lead shopping vision and strategy across Pinterest as senior vice president of Shopping.
What This Means for The Yes
As a result of the acquisition, The Yes will shut down its app and site, focusing solely on Pinterest. The 40-person team from The Yes will also join Pinterest following the transaction’s close.
Statement from Ben Silbermann
"The Yes team are experts in building an end-to-end shopping experience," said Silbermann. "They share our vision of making it simple to find the right products that are personalized for you based on your taste and style. We’re very excited about The Yes’s talented team and technology as we build dedicated shopping experiences on Pinterest."
Quotes from Julie Bornstein
This acquisition marks a significant step forward in revolutionizing the online shopping experience, and I’m thrilled to be joining forces with Ben and the entire Pinterest team.
Conclusion
The acquisition of The Yes by Pinterest represents a strategic move aimed at enhancing the online shopping experience. By leveraging AI-powered shopping technology and expanding its reach into new markets, Pinterest is poised to make significant strides in the e-commerce space.
