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by neverywhere 1749 days ago
This seems to be an acquihire? IF you wanted to get a high valuation you would have stuck it out by yourself longer I would think?
2 comments

Gap, Inc. also has a collection of dying brands and is a little desperate. Gap and Banana Republic are stale. I guess Old Navy is doing OK. Google trends says Athleta seems to do OK, but it's a second-rate Lululemon.
I worked at a big retail company a few years that was desperate to make investments in tech. Probably didn't help that HQ was in Silicon Valley. They ended acquiring a 3D company for a similar purpose to Gap only the company was actually a total mismatch for what they intended. They produced 3D models, but not actual usable software. The tech leadership internally advised against the acquisition but the CEO did it anyway. Then we had to pivot them to basically build what we wanted from scratch with no clear market need. AFAIK, it's been languishing for a few years.