Samsung enters L.A. retail market; JibJab Acquired; Snap and Nike link for lenses
Samsung Electronics Co. Ltd. is entering the retail market for the first time with a store at the Americana Brand in Glendale. Opening Feb. 20, the Samsung Experience Store is the Japanese electronic conglomerate’s first play at engaging a branded retail market that is so lucrative for its main competitor, Apple Inc. Socaltech reports in addition to the first location in Glendale, Samsung will open two other stores in New York and Houston.
Venice-based JibJab Media Inc., which develops video greeting cards and electronic gift cards to share via social media, was acquired by Catapult Capital Feb. 15. Terms of the acquisition were not disclosed, but TechCrunch reports Catapult Capital targets middle-market consumer tech companies and invests between $10 million and $100 million in such firms. JibJab Chief Operating Officer Paul Hughes was promoted to chief executive officer after the acquisition. Prior to the deal, JibJab raised $17.9 million since its 1999 incorporation.
Snap Inc.’s latest augmented reality activation featured intellectual property contributed by Nike Inc. and the Michael Jordan brand, Engadget reports. From Feb. 15-17 during NBA All-Star Weekend, basketball fans could use their Snapchats and graphics provided by Nike to produce custom AR lenses and art to share with other users. Since Snapchat launched its AR design outfit the Lens Studio in 2017, it’s hosted more than 300,000 lenses created by independent users.
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