Investing.com -- Yahoo! Inc (NASDAQ:YHOO) announced on Friday that it has reached a deal to acquire personalized fashion website Polyvore for an undisclosed amount.
A primary factor central in completing the deal could be the fact that the multinational search engine giant views Polyvore as a natural compliment to its Yahoo Style and Yahoo Beauty divisions. In addition, Yahoo believes Polyvore's presence will help enhance its digital magazine brand, as well as help bolster a number of its vertical integrations throughout its company. Yahoo is also optimistic that the partnership with Polyvore can help accelerate native shopping ads that can drive traffic and sales to retailers through its fast-growing native advertising platform, Yahoo Gemini.
"Polyvore has built an excellent team, a category leading product, and a strong business based on a highly engaged community," said Simon Khalaf, Yahoo's SVP of Publisher Products. "The combination of Yahoo's industry-leading digital content with Polyvore's expertise in community and commerce has outstanding potential. We are thrilled to have the Polyvore team join us."
Founded in 2007, Polyvore promotes itself as a site that provides brands and retailers with a way to connect with influential consumers and drive sales through native advertising solutions. As of last May, Polyvore attracted more than 20 million unique monthly users.
"I'm delighted to join Yahoo. Our core mission of empowering people to feel good about their style will remain the same, but with Yahoo's help we'll be able to make Polyvore even bigger and better for our user community," Polyvore CEO Jess Lee said in a statement. "I'm also excited that we'll be able to deliver more scale to our advertisers by integrating our ad offerings into Yahoo Gemini."
The Polyvore team will join respective Yahoo offices in Sunnyvale, San Francisco and New York, Yahoo said in a statement.