Perfect Corp. announces that it has entered into an agreement with Farfetch to acquire digital immersive experiences expert, Wannaby.
Digital immersive experiences expert Wannaby Inc.
Perfect Corp., a leader in beauty and fashion tech solutions, is entering into an agreement with Farfetch, a global marketplace for the luxury fashion industry, to acquire digital immersive experiences expert Wannaby Inc. This acquisition represents a significant milestone in integrating advanced technology, enabling Perfect Corp. to expand its offerings into new luxury market segments, including apparel, shoes, and bags.
Per The Business Research Company’s Virtual Try-On Technology Global Market Report 2024, the virtual try-on tech market is poised to grow to $24.72 billion in 2028.
Wannaby, acclaimed for its virtual try-on technology and digitalisation solutions for the fashion industry, has served over thirty top-tier luxury brands. By integrating Wannaby’s innovative solutions with Perfect Corp.’s beauty tech solutions, the company is set to redefine the digital experience in the fashion and beauty sectors. This strategic move expands Perfect Corp.’s capabilities and solidifies its position as a technology leader in the luxury space.
Commenting on the development, Alice Chang, founder and CEO of Perfect Corp., said: “By welcoming Wannaby’s capabilities into our portfolio, we are poised to enrich our digital solutions and reinforce our presence in the fashion tech landscape. This expansion into new fashion categories such as shoes and bags demonstrates our commitment to innovation and our ability to deliver exceptional value to clients across diverse sectors.”
This acquisition also marks the beginning of a collaborative relationship between Perfect Corp. and Farfetch. After the acquisition, Farfetch will continue to utilise Wannaby’s solutions to enhance the digital shopping experience, reflecting a shared vision for the future of fashion technology.
About Perfect Corp.
Perfect Corp is a leading provider of artificial intelligence and augmented reality beauty and fashion technology business solutions provider, dedicated to transforming the consumer retail experience through omnichannel experiences.
The company mission is to democratise access to enriching digital shopping experiences with AI and AR-powered solutions. “We pioneer sustainable, high-touch, AI and AR-powered omnichannel beauty and fashion tech solutions that empower brands to enrich their relationships with customers,” says Perfect Corp. founder and CEO Alice Chang.
Perfect Corp offers result-driven, inclusive, interactive and sustainable solutions that can be easily integrated into a fashion or beauty brand’s website, apps and social media channels.
Per Forbes, ‘Virtual try-on technology is a burgeoning area of investment for retailers looking to boost sales and lower return rates. Perfect Corp. is backed by $130 million in funding from investors like Goldman Sachs, Snap, Alibaba and Chanel. Tech giants like Meta, Google and Snap are also licensing the tech so users can try on and buy products within their platforms. Nineteen million consumers use Perfect Corp.’s virtual try-on and photo-editing apps. The small fraction who are paying subscribers drove annual revenue of $47 million in the last 12 months, with rich gross margins of 85 percent. The company went public in October, and the SPAC briefly valued Chang’s 14 percent stake at $250 million.’
About Farfetch-owned Wannaby
Pioneers of digital immersive experiences, computer vision, 3D and augmented reality experts, Wannaby started as a small team of believers that 3D and AR has the potential to disrupt fashion e-commerce and were the first to launch virtual try-on for sneakers and watches. Since April 5, 2022, it has been a part of the Farfetch Group, where their technologies were deployed on a large scale.
The Farfetch Marketplace connects customers in over a hundred and ninety countries and territories with items from the world’s best brands, boutiques, and department stores across fifty countries and territories. Wannaby’s strategy is to continuously research, evaluate and implement cutting-edge technologies to enhance business of the fashion business value chain. It also aspires to incorporate 3D and AR technologies to contribute in carbon savings and reduce the environmental impact.
Jasmeen Dugal is Associate Editor at FashionABC, contributing her insights on fashion, technology, and sustainability. She brings with herself more than two decades of editorial experience, working for national newspapers and luxury magazines in India.
Jasmeen Dugal has worked with exchange4media as a senior writer contributing articles on the country’s advertising and marketing movements, and then with Condenast India as Net Editor where she helmed Vogue India’s official website in terms of design, layout and daily content. Besides this, she is also an entrepreneur running her own luxury portal, Explosivefashion, which highlights the latest in luxury fashion and hospitality.
