(Filed Under Fashion News). Amazon.com has reached an agreement to acquire Zappos.com, an e-tailer mainly known for its large selection of shoes. Under the agreement, Amazon will acquire all outstanding shares and assume all outstanding options and warrants of Zappos in exchange for about 10 million shares of Amazon common stock, or approximately $807 million based on the average closing price for the 45 trading days ended July 17, 2009. The acquisition is expected to close during fall 2009.
"Zappos is a customer-focused company," said Jeff Bezos, founder and CEO of Amazon.com. "We see great opportunities for both companies to learn from each other and create even better experiences for our customers."
The Zappos management team will remain intact, and will operate independently at the Las Vegas-based headquarters.
"We are joining forces with Amazon because there is a huge opportunity to utilize each other's strengths and move even faster towards our vision of delivering happiness toc customers, employees and vendors," said Tony Hsieh, CEO of Zappos. "We will continue to build the Zappos brand and culture in our own unique way, and we believe Amazon is the best partner to help us do this over the long term."
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