Apple 'in talks to buy Pinterest rival The Fancy'
APPLE is believed to be in talks to acquire The Fancy, a fast-growing social network based around items people love, according to a report.
The potential deal, which has been reported by US technology business blog, Business Insider, is being seen as Apple’s route into the e-commerce market.
The Fancy lets its users make photo lists of items they love and allows them to buy them directly via to the site. The wish list principle is similar to Pinterest, another new social network enjoying rapid growth which allows people to ‘pin’ photos of their favourite items to a virtual pinboard.
However, The Fancy links its users directly to transactions and takes a 10 per cent cut of each sale. It describes itself in the 'help' section of its site as: "part store, blog, magazine and wishlist.
"It's a place to discover great stuff, to curate a collection of things you love, to get updates on your favorite brands and stores and to share your discoveries. Use it to create a catalogue of your favorite things around the web and around the world. When you find something you love somewhere on the web, Fancy it".
Business Insider says the company’s sales are ‘exploding’ and that Apple is interested in the 20-person New York start up, founded by Joe Einhorn and backed by the co-founders of Twitter and Facebook, as a way into the shopping market.
An Apple spokesman declined to comment.
Business Insider’s sources do not know the price that Apple has pitched nor when the last talks took place.
However, it is understood that Apple’s chief, Tim Cook, met Einhorn at the high profile Allen and Co’s annual Sun Valley conference earlier this year – and soon after began using The Fancy personally.