b8ta has snapped up US-based online fashion startup Re:store.
While no financial details were announced, the consideration included a mixed offering of cash and equity, as well as a potential earnout.
Re:store is expected to be rebranded under the buyer’s recently launched Forum store but will retain licensing rights for the business following closing.
The deal marks another foray into the fashion and lifestyle segment for b8ta, alongside its existing outlets in the US and Japan.
Formed by Selena Cruz in August last year, Re:store offers a retail-as-a-service model, which provides a proprietary dashboard in real-time, allowing companies to automate buying, merchandising and logistics.
The group also operates as a retail partner for fashion brands found on Instagram, such as Thinx, Sezane, Nasty Gal and Sleepy Jones.
In 2019, Re:store raised USD 1.70 million through a pre-seed funding round led by Sequoia Capital and SPC.
Cruz said: “This acquisition is a big win in our mission to create a true fashion-meets-tech platform.
“Between b8ta’s massive network of stores and strong execution performance in such a short time, and our thoughtful approach to curation, storytelling and customer experience, we’re excited to work with their team to push for a new future of retail.”
The deal will allow Re:store to expand into West Hollywood and other unannounced locations in the buyer’s lifestyle pipeline.
Cruz will remain with the company in an advisory role to support brand curation and community experience initiatives.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 264 deals targeting electronic shopping and mail-order house operators announced globally since the beginning of 2020 to date.
In the largest of these, Adevinta agreed to pick up eBay’s US-based classified business for USD 9.20 billion.
This was followed by Jeff Bazos selling a 0.2 per cent stake in Amazon for USD 1.86 billion.
© Zephus Ltd