The Knot has quietly acquired a startup called Simply Eloped – and the deal is stoking concerns that the controversial firm is seizing too much control over the wedding planning industry, The Post …
The Knot has quietly acquired a startup called Simply Eloped – and the deal is stoking concerns that the controversial firm is seizing too much control over the wedding planning industry, The Post has learned.
The petition accused The Knot of “radically raising prices for industry monopoly,” sending advertisers fake leads and ignoring contract cancellation requests, among other claims.
White also confirmed the deal and said it did not result in any layoffs. The acquisition will allow Simply Eloped and The Knot to “serve more types of weddings, no matter the size or location,” she said.“We know that couples have a ton of choices when it comes to planning their weddings, and we’re hoping they continue to see Simply Eloped as a unique way of planning and executing their wedding,” White added.
Under Federal Trade Commission rules, private businesses aren’t required to disclose deals valued at less than $119.5 million. Simply Eloped was valued at $8 million as of 2021, according to a report at the time by“They are trying to buy up as much of our industry as they can,” a concerned wedding industry consultant and former Knot advertiser who requested anonymity to discuss the situation told The Post. “It seems they want to control the narrative and that is always a scary feeling.
Privately-held The Knot Worldwide and competitor Zola are arguably the two most well-known platforms in the online wedding planning industry. Formerly known as XO Group, The Knot’s parent company merged with key rival WeddingWire in a nearly $1 billion merger in 2018.A petition on behalf of advertisers who are critical of The Knot’s sales practices has received nearly 600 signatures.The Knot’s flagship site lets vendors sign up for free, but charges them a fee if they want increased visibility.
Tech Advertising Digital Advertisements Mergers & Acquisitions Startups Wedding Planning Weddings
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