Pinterest, the tech company best known as an inspiration and discovery platform, will purchase The Yes, an AI-powered shopping platform that enables users to shop a personalised feed based on the user’s input on brand, style and size. Retailer veteran Julie Bornstein founded The Yes in 2018 after stints at Stitch Fix, Sephora and Nordstrom. Terms of the deal were not disclosed, though it is expected to close in the second quarter of this year.
Bornstein will lead shopping and strategy across Pinterest and report to Pinterest co-founder and CEO Ben Silbermann. The Yes team will also join Pinterest after the deal closes. Eventually, Pinterest will shutter The Yes’ app.
“I’ve spent my career at the intersection of shopping, fashion and technology and have seen first-hand the valuable impact of building technology that enables brands to join a platform with ease while enabling customers to share their preferences,” Bornstein said in a press release. “Joining forces with Pinterest to broaden our reach utilizing such an inspirational platform is an exciting and ideal next step for our team and technology.”
The Yes raised $31 million in its Series A in 2019 from NEA, True Ventures and Forerunner, valuing the company at $100 million. Pinterest, meanwhile, surpassed $2 billion in revenue in 2021, marking 52 percent growth year-over-year to reach its first full year of profitability, according to the company’s earnings statement. At the same time, Pinterest global monthly active users decreased 6 percent year-over-year to 431 million.
Pinterest, once thought to be a sleeping giant among social media platforms helping brands connect with consumers, has struggled to distinguish itself from its competitors. The most popular social media platforms — Instagram, Snapchat, and TikTok among them — have made inroads in being more creator-friendly, while also rolling out a suite of shopping tools to draw in brands and their advertising dollars. Pinterest, for its part, has attempted to do the same, though fashion brands still largely focus their advertising dollars elsewhere. In October 2021, rumours swirled that PayPal was exploring a Pinterest acquisition, only to issue a statement shortly after the news broke (and its stock price fell) that it was not in fact pursuing a deal.
In September 2020, Pinterest hired Aya Kanai, former editor-in-chief of Marie Claire, as head of content and partnerships. Kanai left the company in March 2022 to join Google Shopping as the head of editorial and creative.
