Marks & Spencer to acquire fashion marketplace operator Threads
Sharecast
Published Nov 30, 2022 08:24
Updated Nov 30, 2022 08:43
Marks & Spencer to acquire fashion marketplace operator Threads
Sharecast - According to the Times, the deal, which will be announced later on Wednesday, will be a "pre-pack administration", meaning a buyer for the business will be in place prior to the firm declaring insolvency.
The acquisition was also said to include source codes and algorithms developed by Thread, with its "cutting-edge, proprietary tech" set to be integrated into M&S' website, allowing the group to suggest users' clothes based on style, size, and budget.
M&S will also hire 30 of Thread's former data scientists, software engineers and creative teams in order to head up the integration, including Kieran O’Neill and Ben Phillips, who founded Thread in 2012.
As of 0820 GMT, M&S shares were up 0.25% at 122.75p.
Reporting by Iain Gilbert at Sharecast.com
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