Jun 25, 2008 (12:06 PM EDT)
Amazon.com Acquires Fabric.com
Read the Original Article at InformationWeek
Amazon.com on Wednesday acquired online fabric store Fabric.com, which is expected to expand Amazon's offerings in the growing craft and hobby segment. Financial details were not disclosed.
Fabric.com offers custom measured and cut fabrics, as well as patterns, sewing tools, and accessories. The acquisition is expected to expand Fabric.com's offerings while increasing the number of products available on Amazon.com in a growing market segment.
"Over the years, we've seen a growing interest in this segment from our customers," Chris Nielsen, VP of Amazon's home & garden store, said in a statement. "Our acquisition of Fabric.com will allow us to offer a greater variety of fabrics and accessories to crafting customers."
Fabric.com, founded nearly 10 years ago, caters to sewing enthusiasts with fabrics in all three major categories: apparel, quilting, and home decor. "We now have the opportunity to significantly expand our breadth of inventory, as well as benefit from the technology, fulfillment, and customer service expertise of Amazon.com," Stephen Friedman, chief executive and founder of Fabric.com, said.
Fabric.com, based in Marietta, Ga., will continue to operate as a standalone Web site.
A recent report by Jeffrey Lindsay, analyst for Wall Street firm Sanford C. Bernstein, argued that Google and Amazon are in the best position to withstand the current economic downturn and become long-term winners on the Internet.
The report, "U.S. Internet: The End of the Beginning," also argued that Yahoo would eventually be sold to Microsoft; IAC InterActiveCorp, which owns a number of travel, financial, and other commerce sites, would be split five ways as planned; and eBay would become a merger target, the Reuters news agency reported.