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elgato
Joined: 24 Feb 2005
Posts: 16923
Location: Texas
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| Posted: Thu Jul 23, 2009 1:17 am Post subject: Amazon Becomes Sole Shareholder of Zappos |
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Zappos Gets 10 Million Amazon Shares
Zappos CEO Tony Hsieh sent an email to Zappos employees today informing them that Amazon is becoming the only shareholder of Zappos stock. The following video from Jeff Bezos was also posted on the Zappos Blog:
Here is a sample of what Hsieh said in the email:
Over the next few days, you will probably read headlines that say "Amazon acquires Zappos" or "Zappos sells to Amazon". While those headlines are technically correct, they don't really properly convey the spirit of the transaction. (I personally would prefer the headline “Zappos and Amazon sitting in a tree…”)
We plan to continue to run Zappos the way we have always run Zappos -- continuing to do what we believe is best for our brand, our culture, and our business. From a practical point of view, it will be as if we are switching out our current shareholders and board of directors for a new one, even though the technical legal structure may be different.
We think that now is the right time to join forces with Amazon because there is a huge opportunity to leverage each other's strengths and move even faster towards our long term vision. For Zappos, our vision remains the same: delivering happiness to customers, employees, and vendors. We just want to get there faster.
Zappos employees will still have their jobs, and the company will continue to run the same way. In fact, Zappos says they will need to hire more people to continue growing. The company's leaders will remain in place as well.
more.. link to news article |
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elgato
Joined: 24 Feb 2005
Posts: 16923
Location: Texas
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| Posted: Sun Aug 09, 2009 12:26 am Post subject: Re: Amazon Becomes Sole Shareholder of Zappos |
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update/related article:
"When Amazon Bought Zappos, Clothes.com Also Came In The Box"
When Amazon paid $928 million for Zappos in July, it got a little something extra in the box: the Clothes.com domain. It turns out that Zappos bought the domain last year from Idealab for $4.9 million (Bill Gross strikes again).
The detail is tucked away in Amazon’s SEC filing about its acquisition of Zappos:
In May 2008, we acquired the Clothes.com internet domain name from Idealab. The domain name was recognized as a purchased intangible asset with a useful life of 20 years. The entire purchase price of $4.9 million was assigned to the price of the domain name intangible asset and will be amortized on a straight-line basis over its remaining estimated useful life.
The “we” in that sentence is Zappos (now Amazon). At $4.9 million, the Clothes.com sale would have been the second largest reported domain-name transaction in 2008 after Fund.com ($10 million), and the second biggest one so far this year after Toys.com ($5.1 million).
The Clothes.com URL goes to a Zappos landing page with a clothing product smackdown. Zappos is primarily known as an online shoe retailer, but sells clothing as well. Such a large investment, however, suggests that Zappos may have had plans to branch out more aggressively into clothing, perhaps under the Clothes.com domain.
more.. link to news article |
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missprintsvintage
Joined: 18 Aug 2006
Posts: 904
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| Posted: Sun Aug 09, 2009 12:56 am Post subject: |
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I LOVE Zappos.
Super Onex sandal inventory.
Live accessible phone support(you did not have to put your credit card online)
Swift delivery~
*sigh* .
Probably the end of all that great service.
Rats. |
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