November 17, 2024
Amazon Fights Back
Amazon (USA) is testing “Amazon Haul”, a selection of products priced at $10 or less. Orders totalling $26 or more will get free shipping. And delivery times will be a week or longer.
The move is widely seen as a response to fast growth of Shein and Temu, who have used rock bottom prices to gain market share in key global markets.
FINANCE
Shopify (Canada) reported Q3 revenue rose 26% to $2.2 billion. Gross merchandise volume (GMV) was up 24% year-over-year. This was the fifth consecutive quarter of GMV growth over 20%.
On Holding (Switzerland) reported Q3 revenue rose 32% to a record CHF 635.8 million ($720.6 million). Net income fell 48.0% to CHF 30.5 million ($34.3 million).
Allbirds (USA) reported Q3 net revenue fell 24.9% to $43.0 million. Net loss was $21.2 million. Inventory decreased 28.1%.
Alibaba (China) reported Q3 revenue rose 5% to RMB 236,503 million (US$33.7 million). Net income rose 63% to RMB 43,547 million (US$6,205 million).
Warby Parker (USA) reported Q3 revenue rose 13.3% to $192.4 million. Average revenue per customer rose by 7.5%. Net loss fell to $4.1 million, an improvement from a $17.4 million loss a year ago.
Klarna (Sweden) is preparing for an IPO on the New York Stock Exchange. The ‘buy now, pay later’ company is estimated to be valued at $20 billion.
Vuori (USA) has seen its valuation reach $5.5 billion, resulting from a $825 million investment led by General Atlantic and Stripes, two leading global growth investors.
NOVEMBER 2024
This month Prof. Calvin Wong, CEO of AidLab, talks about how AI could impact the apparel and textile industry. He shares some of the models his lab is working on that have practical application for industry.
Find out AI will help make the industry more resilient – and become an important tool that supports people, instead of replacing them. Read more
PODCAST
When people talk about PTSD we usually think of returning military veterans or survivors of catastrophic events.
Yet many other people suffer from stress-related issues that are not unlike PTSD.
Terry Earthwind Nichols, is a bestselling author and father of Repetitive Behavior Cellular Regression, a methodology that helps people decrease anxiety, fear, procrastination, self sabotage and overall stress.
In this podcast, he talks about how people can overcome some of the past traumas that continue to disrupt their daily lives – including a simple technique you can use anytime and anywhere.
You’ll Learn:
MARKETS
China’s October retail sales rose 4.8%, its fastest pace in eight months, per data from the National Bureau of Statistic (NSB)
US October retail sales rose 6%, per the U.S. Department of Commerce. Apparel sales rose 4.3%, while home goods rose 3.8%. Sporting goods fell 1.6%.
Continued strong US consumer spending is dampening prospects for a December rate cut.
UK retail sales grew by 0.6% in October, significantly weaker than September’s and less than half the three-month average growth rate, per the British Retail Consortium (BRC). The slowdown was attributed to consumers waiting for Black Friday sales.
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