The maker of software for online retailers processed more than $1.6 billion in orders in the quarter.
Wedding merchandise retailer and media company The Knot has signed a new bridal registry agreement with Macy’s. Under terms of the three-year deal, The Knot will no longer host the registry sections for Macys.com and Bloomingdales.com.
Wedding merchandise retailer and media company The Knot Inc. has signed a new bridal registry agreement with Macy’s Inc. Under terms of the three-year deal Macy’s and Bloomingdale`s will take over hosting their bridal registries, a function The Knot has performed in the past. Macy’s and sister company Bloomingdale’s will become affiliates of The Knot and the companies will maintain links to each others’ e-commerce sites.
The new agreement supersedes a previous deal that was set to run until January 2011. The new arrangement will take effect in February when Macy’s and Bloomingdale’s will become affiliates similar to The Knot’s other registry retailer partners. Macy’s is No. 23 (PDF versions of the companies’ financial and operating profiles can be ordered by clicking on their name). Affiliate registry partners link to The Knot through a registry search platform on WeddingChannel.com, a part of The Knot Wedding Network.
The Knot deal also contains a provision for marketing programs in 2010 designed to promote the new Macy’s and Bloomingdale’s registry platforms, which are planned to be operational beginning next month.
“Macy’s Inc. has been a long-time, valued partner to The Knot, and I am pleased to see our relationship continue to evolve,” says The Knot’s CEO David Liu. “This new agreement transitions our relationship from one of technology services to a marketing partnership.”
The Knot estimates that it generated approximately $8.9 million from the Macy’s relationship in 2009, including hosted registry commissions, advertising and other revenue. The company says revenue for 2010 will not reach that level because it will no longer receive commissions on 100% of Macy’s and Bloomingdale’s online registry transactions.
“This new agreement underscores a continued strong relationship with The Knot, which is clearly the most visited and trusted wedding-planning site on the Internet for engaged couples,” says Peter Sachse, Macy’s chief marketing officer and chairman of Macys.com. “We will continue to be aggressive in reaching out to couples, and in providing a high-quality, high-service environment for them and their guests through The Knot and on Macys.com.” Terms of the agreement were not disclosed.
In addition to e-commerce, The Knot’s other major businesses are online advertising, local online listings and print publishing.