Rachel Zoe's Zoe Report acquired by Bustle Digital Group
After layoffs and restructuring, Rachel Zoe's nine-year-old online style platform has been acquired by Bustle Digital Group. Zoe will remain involved and the Zoe Report will keep its own masthead.
Zoe said the acquisition "will provide Rachel Zoe, Inc. the resources to further invest and focus on our global fashion and lifestyle businesses — Rachel Zoe Collection and Box of Style by Rachel Zoe."
The Zoe Report was founded by the celebrity stylist in 2009. It joins Bustle, Elite Daily, and Romper as the fourth brand targeting millennial women under Bustle Digital Group's umbrella.
Bryan Goldberg, Bustle Digital Group CEO cited the Zoe Report's 2 million email subscribers and 80 million unique site visits a month as favorable additions to the brand portfolio. He said the acquisition will "further expand Bustle Digital Group’s reach on Instagram and establish a massive email newsletter audience."
While specific financial terms of the acquisition were not disclosed, the transaction was completed through a combination of cash and stock. Zoe will become a significant shareholder in Bustle.
According to Bustle's CEO, this is the first in a series of fashion and lifestyle acquisitions for the company which is aiming to become "the digital native Conde Nast."
The acquisition is slated to complete April 1. Bustle will gain 20 employees from the Zoe Report.
Copyright © 2021 FashionNetwork.com All rights reserved.