Emerald Textiles, a $50 billion company, is buying emerald.com, the company that makes emerald products, according to Reuters.
Emerald Textile CEO and founder Robert E. Loh said in a statement the deal is for $50bn, according the Wall Street Journal.
Emerald Textil’s business is growing at an “extraordinary pace” and its growth plan will see “a dramatic improvement” in the next few years, the statement said.
“We’re confident that Emerald Textility will become the largest and most recognizable brand in the apparel and textile industry,” Loh told Reuters.
The news comes after the company was recently acquired by Amazon.com.
Emerald will now own 100% of the company.
The company, which sells the Emerald logo and its namesake brand, was founded in 2008 by two University of Utah students, who had been studying textiles and other emerging technologies.
In addition to selling its logo and textiles, Emerald also develops and markets its own line of fabrics, including its namesake Emerald, which was designed by Loh.
In March, the startup posted $8 billion in sales and net income, which grew 20% year-over-year.
Its revenue rose 24% to $3.85 billion, but the company’s earnings per share declined 8% to 52 cents per share, according Forbes.
The Emerald name is synonymous with its products.
Its Emerald textiles range from denim and leather to textiles in all fabrics, from suede and leather and even polyester.
Emerald also offers products like textiles that are made of organic materials like bamboo and other plants.