Luxury Brands Set to Benefit from Virtual Try-On Tech

  • Perfect Corp acquires Wannaby to expand into luxury fashion
  • Wannaby served over 30 luxury brands with its technology
  • Farfetch acquired Wannaby for $29.5 million in spring 2022
  • Virtual try-ons bridge the gap between digital and physical retail experiences

Perfect Corp has acquired Wannaby, a company that has served over 30 luxury brands with its technology, in order to expand its virtual try-on capabilities into fashion categories such as shoes and bags. This acquisition will help Perfect Corp become a one-stop shop for luxury and fashion brands, according to a company spokesperson. The deal follows Farfetch’s acquisition of Wannaby in spring 2022 for $29.5 million in cash and shares. With this expansion into new fashion categories, Perfect Corp aims to deliver exceptional value to clients across diverse sectors. Virtual try-ons have been found to be the best way to bridge the gap between digital and physical retail experiences.

Factuality Level: 9
Factuality Justification: The article provides accurate information about the acquisition of Wannaby by Perfect Corp., the company’s existing technology coverage in jewelry and watches, the acquisition price, CEO’s statement on the expansion into fashion categories, and previous partnerships with other retailers and brands. It also cites a statistic from a report supporting the use of virtual fitting rooms and try-ons.
Noise Level: 3
Noise Justification: The article provides relevant information about the acquisition of Wannaby by Perfect Corp. and how it will expand their capabilities into fashion categories. It also mentions previous partnerships with other retailers and brands. However, it lacks in-depth analysis or exploration of the consequences of this move on the industry or the technology itself.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses the acquisition of Wannaby by Perfect Corp., a company that provides virtual try-on technology, and its impact on the fashion industry. It mentions the financial details of the acquisition (a $24.5 million cash payment and nearly $5 million in shares). There are no specific financial markets mentioned to be impacted.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.

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