7thingsmedia withdraws 36% stake in Fashion Traffic after just 9 months
7thingsmedia has exited tracking technology company Fashion Traffic, having only just purchased a 35.75 per cent stake in the company in March.
The agency has released a statement to explain that the decision have been made by "mutual consent" to allow 7thingsmedia to scale its offering, despite already having offices in New York and Singapore, as well as London.
As a result, Chris Bishop, founder and CEO of 7thingsmedia will also resign as a director of Fashion Traffic.
Bishop explained that the reason behind the move was to allow the agency to focus on its core digital media offering.
At the time of the deal, the Tel Aviv-based technology platform which aims to help e-commerce brands make sales through fashion publishing websites and social media activity, worked with over 200 brands, including Forever21 and Neiman Marcus.