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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Amazon.com buying shoe seller Zappos for $928 million Wed Jul 22, 2009 11:34pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Nicole Maestri and Alexandria Sage SAN FRANCISCO (Reuters) - Amazon.com will pay about $928 million for booming online shoe retailer Zappos.com, expanding aggressively into the apparel arena with a well-known name after trying unsuccessfully to go it alone. Amazon said on Wednesday it struck a deal to buy Zappos, for 927.9 million -- mostly in stock -- growing its footprint in shoes and apparel. The world's largest online retailer should benefit from the fiercely loyal customer base at Zappos, which had about $1 billion of gross merchandise sales last year. Zappos is known for its attentive customer service, free shipping and a free returns policy which inspires shoppers to gamble on shoes. The company said Amazon will allow it to continue running its business as it always has. Analysts applauded the deal. Bernstein Research analyst Jeffrey Lindsay called it an "outstanding acquisition." But the move also signaled Amazon had fallen short with its online shoe site Endless.com, launched in 2007. "This is, in some ways, Amazon throwing in the towel on footwear because they've tried to compete with Zappos," said Forrester Research analyst Sucharita Mulpuru. "If you can't beat them, buy them." Amazon, which began as an online bookseller, has greatly expanded its range of offerings while also allowing third-party sellers to showcase their own items on its site. That has allowed the company to post robust online sales in recent years, outpacing brick-and-mortar retailers, even as former online stalwarts such as eBay Inc, have stumbled. "A big part of the reason why Amazon is interested in us is because they recognize the value of our culture, our people, and our brand," Zappos Chief Executive Tony Hsieh said in a letter on its blog. "Their desire is for us to continue to grow and develop our culture (and perhaps even a little bit of our culture may rub off on them)." The Zappos website says the company, founded in 1999, has more than 1,300 employees and stocks more than 3 million shoes, handbags, clothing items and accessories from more than 1,136 brands. IRREVERENT SHOE SELLER In 2008, Zappos earned more than $40 million before interest, tax, and amortization on net revenue of $625 million, a Zappos shareholder who had seen the company's financials told Thomson Reuters private-equity news site PEHub. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: UPDATE 4-Amazon.com buying shoe seller Zappos for $928 mln also on reuters Blog: Immigrants: the new, high-tech entrepreneurs Plastic surgery popular despite economic woes: poll Commentary: Where the healthcare debate is bizarre More Technology News Microsoft releases Windows 7 code to PC makers Verizon Wireless proposes roaming rule change Mobile gadgets threaten in-flight entertainment Yahoo buys photo organization tech company Xoopit U.S. back-to-school; Wal-Mart woos laptop shoppers More Technology News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Suspicious motorbike destroyed at Thai security meet Bin Laden son thought killed in U.S. drone strike: NPR Amazon.com buying shoe seller Zappos for $928 million Spiderman director takes on "World of Warcraft" movie Actor Stephen Baldwin files for bankruptcy in NY Obama says healthcare overhaul needed to curb deficits | Video Obama: Police acted "stupidly" arresting black scholar Bristol-Myers to buy Medarex for $2.4 billion WRAPUP 6-Honduras rulers reject world pressure to reverse coup U.S. back-to-school; Wal-Mart woos laptop shoppers Most Popular Articles RSS Feed Video Obama defends healthcare plans Obama's first six months Casualties of Afghanistan Solar eclipse wows Asia Agents raid Jackson doctor's clinic Obama hosts Maliki Dancing babies top viral video chart Baboon gang raid visitors' luggage Astronauts at work Police raid Jackson doctor Most Popular Videos RSS Feed We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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