eBay on Tuesday, July 11, announced the completion of the acquisition of the company Certifogo, which provides digital identifiers and authentication of clothing and fashion products based on artificial intelligence.
So far, there is no information about the financial terms of this transaction. It is known that Certilogo will continue to be headed by its current CEO Michele Casucci.
The company, which became part of the eBay ownership structure, uses digital technologies to help brands manage the life cycle of clothing. In this case, consumers have the opportunity to confirm the authenticity of the goods and get access to reliable data about the products. The agreement to the deal by Certifogo means that the company intends to increase the level of authentication of used clothing on the market.
eBay Vice President Charis Marquez said that the emergence of a new company in the ownership structure of a major player in the field of online auctions and online stores brings advanced technologies to the corporate community of fashion enthusiasts. She also noted that as a result of the implementation of this transaction, eBay will be able to offer brands secure, connected product solutions that are flexible and compatible. According to her, manufacturers will be able to protect consumers from counterfeiting and will be able to re-sell goods using digital product passports that guarantee the original origin of the commodity unit.
eBay first reported the deal in May. Then the company said that the acquisition of Certifogo is an important investment in the fashion category, which demonstrates the dynamics of growth. The firm also noted that the appearance of a new company in the ownership structure strengthens eBay’s position as a commercial space within which buyers can, without fear of counterfeit, buy clothes and fashion goods. The company stated that in this case, consumers are more confident in their actions since there is a base of confirmed product data that allows them to make the most informed choice.
Michele Casucci says that the partnership with eBay provides an opportunity to expand the network of consumers and brands, as well as creates the potential to activate and scale interaction with the closed-loop economy. He noted that his team is ready to start working in a new space of action and intends to implement the technologies and infrastructure available to the firm to ensure a smooth transition of customers, brand partners, and the entire community of the new owner to a more sustainable future, which is connected with the Internet.
eBay has been striving to expand its authentication and fraud detection capabilities over the past few years. In 2021, the company acquired the Sneaker Con Digital authentication division, which specializes in verifying the authenticity of premium brand shoes. In February of this year, eBay became the owner of a fraud detection firm based on artificial intelligence 3PM Shield.