- As part of ongoing tech efforts, Gap Inc. on Monday announced that it acquired Context-Based 4 Casting for an undisclosed amount. CB4 is a retail technology startup that uses artificial intelligence and machine learning to boost sales and enhance the customer experience.
- The Strategic Growth Office within Gap Inc. brokered the deal. As part of the agreement, CB4's employees will join Gap Inc.'s workforce full time, per the announcement.
- CB4's technology had been implemented by retailers such as Levi's, Urban Outfitters and Lidl.
Gap Inc. has had a hand in financing or acquiring other retail technology companies recently. In August, the retailer acquired Drapr, an e-commerce tech company that provides 3D virtual try-on tools. Over the summer, the company also participated in a funding round for Obé Fitness, a home fitness platform.
"We believe artificial intelligence and machine learning will shape the future of our industry. Gap Inc. has experience working with CB4's world-class data scientists, so we understand the impact and the wide applications their science can have across sales, inventory and consumer insights, as well as its potential to unlock value and enhance the customer experience," Sally Gilligan, chief growth transformation officer and head of the Strategic Growth Office at Gap Inc., said in a statement.
But as the brand buys and invests in technology companies, it also has been shedding other brands. The company this year sold off Janie and Jack to brand investment platform Go Global Retail only two years after its acquisition. In May the retailer announced that it was selling Intermix to private equity firm Altamont Capital Partners.