Gap acquires e-commerce startup Drapr
Gap Inc. announced on Thursday the acquisition of Drapr, an e-commerce startup and online application whose technology enables customers to create 3D avatars and virtually try on clothing.
Drapr was part of the Y Combinator class of Summer 2020 and was founded by David Pastewka, Will Drevno and Richard Berwick, who have collaborated on 3D technology for over a decade with early support from Boost VC and Berkeley SkyDeck.
“Most people either don’t know their exact measurements or are looking for a specific type of fit that numbers alone can’t tell them,” said Drapr co-founder and CEO, David Pastewka. “Drapr has proven effective and we are excited about the impact we can have on customers at scale as part of the Gap Inc. family.”
“Fit is the number one point of friction for customers and, through their advanced 3D technology, Drapr has shown it can help shoppers efficiently find the size and fit they need,” said Sally Gilligan, chief growth transformation officer at Gap Inc. “We plan to leverage Drapr to help Gap Inc. improve the fit experience for our customers and accelerate our ongoing digital transformation.”
The deal was brokered by Gap Inc’s strategic growth office, led by Gilligan, a unit of the company charged with thinking beyond its core business in order to meet the consumer and industry demands of the future. The Strategic Growth Office seeks out investments that fuel growth and accelerate new capabilities at Gap Inc. and across its portfolio of brands.
On Thursday, Gap raised its full-year net sales forecast for the second time, betting on its Old Navy and Athleta clothing brands. The company forecast annual profit, excluding some charges, between $2.10 and $2.25 per share from $1.60 to $1.75 earlier. Analysts expected a profit of $1.80 per share.
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