RealTime IT News

Amazon.com Gets in Gear

Amazon.com Inc. Wednesday formed a strategic alliance and invested a minority stake in Gear.com, an online sporting goods company.

Gear.com is a privately-held firm that offers discounted sports merchandise online. Amazon.com is buying approximately 49 percent of Gear.com's outstanding shares. Financial details were not disclosed.

Wednesday's investment adds sporting goods to the list of retail groups in which Amazon.com has an interest. Tuesday the firm opened up toys and electronics storefronts at its site, which added to its book, video, music storefronts and auction services.

The company also has investments in companies including HomeGrocer.com, pets.com, drugstore.com and others.

"We invest only in companies that share our passion for customers," said Jeff Bezos, Amazon.com founder and chief executive officer. "The Gear.com management team is dedicated to providing a great customer experience, including a 100-percent customer-satisfaction policy."