Apple In Talks To Buy Small Social Commerce Site?
According to sources to Business Insider, Apple is looking to acquire a site called The Fancy, a social commerce website. The site has some substantial backers, such as some of the co-founders of Facebook and Twitter. The Fancy is a Pinterest rival that focuses on making lists of luxurious items.
Why would Apple be interested in such a site? Well the company already has a substantial amount of customer data (has access to approximately 400 million credit card accounts thanks to the iTunes store) so it would be very easy for someone who already has a account on the iTunes store to buy something on The Fancy.
The Fancy directs users in the way of sites that sell the items, so it doesn't actually hold any items themselves, reducing the risk aspect as there isn't any unsold stock. In exchange for directing users The Fancy takes a 10% cut of each sale.
Last fall the company was valued at $100 million due to a $10 million investment round for 10% of the company. Since then, the company has likely gained some volume but it's yet to get many users so The Fancy is not near Pinterest level.
Matt is a technology enthusiast, particularly surrounding smartphones and Apple products. Living in the UK, Matt passionately follows all of the latest news on Apple from across the globe.