Pinterest has signed a definitive agreement to acquire THE YES, an AI-powered platform that allows consumers to personalize their shopping feeds based on their brand, style and size preferences. The transaction is expected to close during the second quarter of 2022.
THE YES features hundreds of merchants and boasts a fashion taxonomy that relies on human input and machine learning to power its algorithm. With this acquisition, Pinterest is setting the stage for an expanded social commerce strategy and product offering. Although Pinterest plans to sunset THE YES site and app once the transaction closes, the goal is to implement a more integrated and evolved shopping vision.
In fact, the company noted that THE YES brand connections and shopping roots can “potentially be applied” to other categories on Pinterest such as home, beauty and food. As a result, THE YES Co-Founder and CEO Julie Bornstein will report to Pinterest CEO Ben Silbermann. She will then oversee the shopping vision and strategy across Pinterest, creating a new organization dedicated to Pinterest’s “taste-driven shopping efforts,” according to the announcement. THE YES’ existing team will join Pinterest to support these efforts.
“THE YES team are experts in building an end-to-end shopping experience,” said Silbermann in a statement. “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’ talented team and technology as we build dedicated shopping experiences on Pinterest.”
Following a record 2021, during which it surpassed $2 billion in revenue, Pinterest has been incorporating new tools and building out fresh features for shoppers and merchants. The company’s latest additions include the personalized shopping tool Your Shop, Catalog API, In-App Checkout, Idea Ads, Paid Partnership, Merchant Details and an updated version of Pinterest Trends.