Marks and Spencer Group PLC has swooped to buy the intellectual property of fashion personalisation website Thread, which has collapsed into administration.
The pre-pack deal includes Thread’s source codes and algorithms that will be integrated into the M&S website.
The retailer will also hire 30 of Thread’s staff, including founders Kieran O’Neill and Ben Phillips.
M&S already uses personalisation techniques to drive additional sales with the "frequently bought together" recommendations on its website estimated to have added £20mln in sales over the past year.
M&S co-chief executive Katie Bickerstaffe expects personalisation to help boost sales by £100mln a year.
She said: “In the next 12 to 18 months we are targeting 50% of digital customer interactions to be personalised (versus 20-25% this year)."
"The integration of Thread technology will enable us to take personalisation to the next level.”