Apple is in
talks to acquire The Fancy, a fast-growing social commerce site backed by
cofounders of Twitter and Facebook, Business Insider has learned.
The objective:
to secure a role for Apple in the growing e-commerce market, putting the 400
million-plus users with credit cards on file with Apple's iTunes Store to work
shopping—with Apple getting a cut of the action.
While The Fancy
is far smaller than archrival Pinterest, which similarly lets users make lists
of things they find interesting, the 20-person New York startup, led by
cofounder and CEO Joe Einhorn, is much farther along in linking its users to
transactions. The Fancy takes a 10 percent cut of purchases. Last we checked
in, sales were exploding.
There is no
signed deal and no guarantee one will happen. We do not know the price Apple
has proposed to pay for The Fancy or how recently talks took place.
However, given
what we've learned, it was apparently no coincidence that Einhorn and Apple CEO
Tim Cook met at Allen & Co.'s Sun Valley conference earlier this year. The
notoriously private Cook, who does not visibly participate in any well-known
social media sites, started using The Fancy shortly afterwards.
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