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Apple in Talks to Acquire Pinterest Competitor, The Fancy

Apple is in talks to compete with Pinterest by acquiring its rival, The Fancy, a fast-growing social commerce site.

For those wondering what this new Pinterest competitor The Fancy has to offer, here’s a brief overview of the New York based site. The Fancy is more of an ‘act now’ type of site vs. Pinterest, a ‘dream on’ type of site. Pinterest is filled with great DIY ideas, images of exotic destinations and scrumptious recipes. The Fancy, on the other hand, is more of a shopping site with a unique layout.

Apple’s objective of this acquisition is to secure and maintain a distinct role in the growing e-commerce market, by directing the 400 million-plus users who have credit cards on file with Apple’s iTunes Store to a shopping site. By doing this, Apple will in turn, get a cut of the action.

Although The Fancy is far smaller than Pinterest, it is much farther along in linking its users to transactions. Founded by CEO Joe Einhorn and managed by 20 people, The Fancy takes a 10 percent cut of purchases from the site and this seems to be working as recent sales have exploded.

As of now, the deal isn’t official and there is no guarantee one will happen. It was brought to light, however, that Einhorn and Apple CEO Tim Cook met at Allen & Co.’s Sun Valley conference earlier this year. The notably private Cook, who is vaguely active in social media sites, started using The Fancy shortly afterwards, according to the Business Insider. Another “possible clue” that this acquisition may take place is the fact that The Fancy’s offices are set right above an Apple Store in New York City. This isn’t too shocking, considering there are Apple stores all over NYC, but it is coincidental.

To learn more about and explore The Fancy, click here.

This article was originally posted from www.businessinsider.com, titled ‘Apple Wants to Buy Pinterest Rival, The Fancy’.

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