Today In Retail: iFIT Grows Presence In Digital Fitness With Sweat Acquisition; Etsy Closes On Purchase Of Depop
In today’s top retail news, iFIT Health & Fitness has purchased women’s health and fitness platform Sweat, while Etsy has closed on its acquisition of fashion marketplace Depop. Plus, Angi is formalizing its “Angi Key” program.
iFIT Expands Presence In Digital Fitness With Sweat Acquisition
iFIT Health & Fitness, whose brands include Freemotion, ProForm and NordicTrack, has bought women’s health and fitness platform Sweat. “The addition of Sweat will allow iFIT to further expand our membership base as well as add new fitness genres and modalities to our fast-growing subscription business,” iFIT CEO and Founder Scott Watterson said in a release.
Etsy Wraps Up Purchase Of Fashion Resale Marketplace Depop
Etsy has concluded its acquisition of the fashion marketplace Depop for about $1.625 billion. Depop will stay in operation as a standalone marketplace run by its current management team. "With the closing of this incredibly exciting transaction, Etsy's 'house of brands' portfolio now includes four individually distinct…eCommerce brands,” Etsy CEO Josh Silverman said in a release.
Angi CEO Says Membership Plan Drives Repeat Customer Orders Amid Backlog Of Home Projects
Angi is formalizing its “Angi Key” effort and transitioning it from beta-testing to a permanent offering. The new program will give enrolled clients a 20 percent discount on hundreds of home services for a flat yearly charge of $29.99. As per a release, the program has already amassed more than 100,000 users who have together save more than $5 million as of now.
Retailers Turn To AI/ML To Align Physical Shelf Requirements With Digitally Derived Insights
As the uptake and deployment of eCommerce keep soaring, merchants and brands are increasingly seeking methods to make their stores as connected as today’s consumers. But according to Marlow Nickell, chief executive of retail marketing and merchandising technology firm Clerk, something even more basic is standing in the way of their success: the way in which they decide which merchandise goes where.