PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Both e-retailers target younger consumers with styles from independent designers.
Web-only fashion retailer Moxsie Inc. has a new owner: New York-based FashionStake, a nearly year-old company that lets shoppers’ votes determine what apparel from independent designers should be sold on its e-commerce site. FashionStake did not say how much it paid for Moxsie, which has a similar focus on independent designers and was established in 2008.
“The Moxsie team has built a fantastic brand that stands for great merchandise, exceptional customer service and an empowered community,” says Daniel Gulati, CEO of FashionStake. “We plan to continue this legacy and cater to Moxsie’s broad audience of young and wired fashion lovers. We’re excited to leverage these assets as we look to become a global leader in independent fashion.”
In announcing the deal today, FashionStake notes Moxsie’s heavy involvement in social media. Moxsie has some 170,000 Twitter followers, for instance, and has used the social networking messaging service to give consumers a say in what products the apparel retailer should sell.
Moxsie works with more than 200 independent fashion labels, FashionStake says.