America's Gap acquires AI-firm Context-Based 4 Casting

The deal was brokered by Gap’s strategic growth office, a unit of the company that seeks out opportunities to fuel growth and accelerate new capabilities across its portfolio of brands. CB4’s award-winning technology makes recommendations that support new sales and more satisfied customers. Funded by investors including Sequoia Capital, CB4’s technology has been implemented by retailers including Levi’s, Urban Outfitters, Lidl, and Kum & Go, Gap said in a press release.

In February of 2021, market research firm CB Insights named CB4 to its inaugural Retail Tech 100 ranking, which showcases the 100 most promising B2B retail tech companies in the world. As part of the acquisition, CB4’s team will join Gap as full-time employees.

“We believe artificial intelligence and machine learning will shape the future of our industry. Gap 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 said in a statement.

“CB4’s AI helps lift sales and enhance customer experiences. As we join Gap, I’m excited to see how our team can drive even broader and deeper impact at the company’s global scale. Since moving to the cloud in October 2020, Gap has increased investments in technology to enable growth and innovation that can impact its entire portfolio of brands,” CB4 CEO Yoni Benshaul said.

Fibre2Fashion News Desk (GK)