Time Inc. U.K. Invests in Snap Fashion
LONDON — Time Inc. U.K. has made a strategic investment in Snap Fashion, an online visual search firm that specializes in fashion, the publisher said Monday. Time Inc. U.K. didn’t disclose the size of the investment.
London-based Snap Fashion operates the Web site snapfashion.co.uk, along with a series of apps that allow users to upload images of clothing items, which Snap Fashion then uses to find where the item is available to buy online, searching from over 250 retailers. The business was founded in 2011 by computer science graduate Jenny Griffiths, and began operating in 2012.
Time Inc.’s U.K. chief executive officer Marcus Rich said of the deal: “This investment helps us to extend our relationship with fashion-loving audiences,” he said, adding that it will “deliver strategic benefits to our portfolio and reinforces our focus on the 16-to 34-year-old audience as a key group for growth.” Time Inc. U.K.’s fashion titles include Marie Claire U.K., InStyle U.K. and Look.
Time Inc U.K.’s digital director, Neil Robinson, who will join the Snap Fashion board, commented that the investment: “will transform the e-commerce capabilities of our fashion brands.” “We have been hugely impressed by founder Jenny Griffiths and the opportunities we have to take Snap Fashion into new retail sectors and services for advertisers,” he said.
Griffiths added: “I look forward to working [with Time Inc. U.K.] to develop ways of monetizing content beyond traditional advertising.”