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Never underestimate the dollar power of shoes and handbags. Amazon, in a move to expand diversity in its product line, last July moved to acquire Zappos, a purveyor of shoes, bags and clothing. Now that the deal is finally closing, and Zappos’s stock has risen on the news of the buyout, Amazon has agreed to make the purchase for $1.2 billion, up from the initial stock price-based estimate of $928 million.
Zappos remains intact after the deal--a wholly owned subsidiary of Amazon, with headquarters in Las Vegas. No changes in Zappos’s management team are expected.
Image Credit: Amazon, Zappos
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ethanajs
November 02, 2009 at 7:49pm
Oh god, did you eat all that acid?
i was just thinking how awesome zappos is. got me my shoes in like a day.
