Perfect Corp. expands into luxury fashion with Wannaby buy By Investing.com

NEW YORK – Perfect Corp. (NYSE: PERF), a leader in beauty and fashion tech with a market capitalization of $226.61 million and impressive gross profit margins of nearly 80%, announced today its agreement to acquire Wannaby Inc., a specialist in immersive digital experiences for the fashion industry. The acquisition, expected to close in the coming months subject to standard conditions, allows Perfect Corp. to broaden its technology offerings into the luxury segments of shoes, bags, and apparel.

Wannaby, recognized for its virtual try-on technology and digital solutions, has collaborated with over 30 high-end brands. The integration of Wannaby’s capabilities with Perfect Corp.’s advanced beauty tech is anticipated to transform the digital landscape of fashion and beauty. Alice Chang, Perfect Corp.’s CEO, stated that the acquisition underscores their commitment to innovation and expanding their digital solution portfolio.

The transaction also initiates a cooperative relationship between Perfect Corp. and Farfetch (OTC:), a global luxury fashion marketplace, which will continue to incorporate Wannaby’s solutions post-acquisition to enhance its digital shopping experience.

Perfect Corp. is renowned for its AI and AR technology solutions, providing virtual try-ons and beauty diagnostics to millions globally. Its technology is instrumental in the digital transformation of major beauty brands, improving the online shopping experience. According to InvestingPro data, the company has demonstrated strong execution with 15.84% revenue growth in the last twelve months, maintaining a healthy financial position with a current ratio of 5.46.

Wannaby stands at the forefront of augmented reality and computer vision technology, offering virtual try-on platforms for fashion items, thus revolutionizing online shopping for consumers and retailers.

This press release statement contains forward-looking statements, which involve risk and uncertainty. These statements do not guarantee future performance and should not be relied upon as representing Perfect Corp.’s views beyond the date of the press release. The company’s filings with the Securities and Exchange Commission detail potential risks and uncertainties that could impact actual results. InvestingPro analysis suggests the stock is trading close to its Fair Value, with 12 additional exclusive insights available to subscribers.

In other recent news, Perfect Corp. has made significant strides in both its financial performance and technological advancements. The company’s third-quarter results for 2024 showed strong year-over-year improvements in operating margins and a double-digit increase in revenue. Despite this, Perfect Corp.’s future revenue growth projections were slightly lower than expected. These recent developments were noted by Oppenheimer, which has maintained its Perform rating on the company.

Perfect Corp.’s growth has been largely attributed to its core AI/AR cloud solutions and consumer business, which have enabled it to achieve record net income according to International Financial Reporting Standards. However, the company’s key customer count remained unchanged, and the current scale of top-line growth has not significantly stirred investor interest.

In addition to its financial performance, Perfect Corp. has also partnered with RéVive Skincare to develop a novel AI skin simulation technology. This initiative aims to enhance the shopping experience for potential customers by visually demonstrating the effects of RéVive’s skincare line. This collaboration not only highlights Perfect Corp.’s innovative capabilities but also its commitment to meeting consumer needs in the beauty industry.

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