Marks & Spencer to acquire fashion marketplace operator Threads
Retailer Marks & Spencer has acquired the intellectual property of fashion marketplace Thread, which recently went into administration, as part of an effort to drive revenue growth from personalised services.
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