American multinational corporation and e-commerce company eBay has acquired secondhand clothing and accessories marketplace Twice, in order to beef up its Valet service, which sells used apparel on behalf of its customers, according to media reports. The terms of the deal were not disclosed. This is the first buy for eBay since it parted ways with PayPal on July 17. Twice said that its technical leadership and engineering team will join eBay to power its Valet service, which recently expanded to help users sell high-value designer clothing easily. The company, which launched in 2012 and has been backed by venture capital firm Andreesen Horowitz, will slowly wind down its current operations. It’s currently running sales to clear out its inventory and won’t accept returns after July 30. eBay reported strong second quarter results last week with revenue growth up 7 per cent — numbers that beat Wall Street expectations. The company also delivered an optimistic yearly forecast with an expected revenue growth of 3 per cent to 5 per cent. Additionally, eBay reached a definitive agreement to sell its eBay enterprise unit to a private equity firm for $925 million.
