By
Tolu Ajiboye
February 20th, 2024
By activating and expanding engagement with the circular economy, the collaboration enables consumers to participate in commerce, promoting the reuse and resale of authenticated products.
eBay Inc (NASDAQ: EBAY), the renowned global e-commerce platform, recently announced its acquisition of Certilogo, an AI-powered product authentication company. This strategic move underscores eBay’s commitment to enhancing trust and authenticity in the online marketplace.
Certilogo, headquartered in Milan, Italy, has established itself as a pioneer in the provision of AI-powered digital IDs and authentication solutions for fashion goods. Through the use of advanced machine learning algorithms, Certilogo enables consumers to verify the authenticity of their purchases swiftly and accurately.
This technology is critical in fighting the spread of counterfeit products in the fashion sector, which can damage customer trust and harm legitimate enterprises. Although the deal’s financial terms were not disclosed, Certilogo will now operate under eBay’s umbrella, spearheading the e-commerce giant’s efforts to combat counterfeit products.
Under the leadership of CEO Michele Casucci, Certilogo will continue its operations and drive the development of cutting-edge solutions for eBay. Casucci’s expertise in the fashion and technology sectors positions him well to navigate the challenges posed by counterfeiting in the online marketplace.
While commenting on the details, Charis Marquez, VP at eBay, expressed enthusiasm about the addition of the talented Certilogo team to eBay’s community. Recognizing the passion and expertise the firm brings, Marquez highlighted the value that Certilogo’s technology will provide to fashion enthusiasts and brands alike.
Through this strategic acquisition, eBay will be able to offer secure and connected product solutions that are flexible and compatible with the evolving needs of the industry.
eBay Reshaping the Circular Economy
Michele Casucci, CEO and Founder of Certilogo, expressed enthusiasm about the partnership and the positive impact it will have on consumers and brands.
He highlighted the potential for increased engagement with the circular economy, offering an opportunity to reshape the way products are valued, bought, and sold. This partnership aligns with Certilogo’s commitment to driving sustainability and creating a more connected marketplace.
The partnership between Certilogo and eBay not only brings immediate advantages but also lays the groundwork for a more sustainable future. By activating and expanding engagement with the circular economy, the collaboration enables consumers to participate in commerce, promoting the reuse and resale of authenticated products.
This shift towards a circular model contributes to reducing waste, extending the lifespan of products, and minimizing the environmental impact of the fashion industry. Moreover, the partnership reinforces the concept of a connected future, where consumers and brands are seamlessly interconnected.
Notably, eBay has made considerable investments in acquiring companies that specialize in these areas in recent years, proving its commitment to providing a secure and trustworthy marketplace for its users.
In 2021, eBay made a notable acquisition by acquiring Sneaker Con Digital’s authentication company. This strategic decision allows eBay to tap into the expertise of Sneaker Con Digital, a well-known name in high-value footwear authenticity. Additionally, eBay made another key acquisition in February by adding 3PM Shield to its portfolio. 3PM Shield is an AI-powered fraud detection company specializing in combating unauthorized and counterfeit products.
Meanwhile, the company has recorded earnings for the first quarter of 2023, which exceeded revenue and Earnings Per Share (EPS) projections, a show that its latest acquisitions are paying off.