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German ecommerce giant Zalando snaps up local rival

Economic Times

Economic Times · 8m ago

German ecommerce giant Zalando snaps up local rival

German online fashion retailer Zalando has announced its acquisition of local rival About You for 1.1 billion euros ($1.2 billion), with the intention of creating a strong European platform to rival Chinese ecommerce giants. Zalando plans to submit a bid for the move, which About You has recommended its shareholders accept. The merger aims to better serve customers and partners and increase market share in the European fashion and lifestyle ecommerce industry. The deal is expected to be completed in mid-2025. Zalando has over 50 million active customers in 25 European markets and About You is known for targeting younger consumers through partnerships with celebrities.

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Clicktech Snaps Up Amazon India’s Largest Seller Appario

Inc42 · 1y ago

Clicktech Snaps Up Amazon India’s Largest Seller Appario

Amazon India's largest seller, Appario, will be acquired by Clicktech, one of the platform's biggest sellers. This comes as Amazon divests its stake in seller entities to comply with local ecommerce regulations. Appario had become Amazon India's top seller after Cloudtail closed. Meanwhile, Amazon is also acquiring Appario's parent company, Frontizo Business Services, from joint venture partner Patni Group. With this acquisition, Clicktech aims to expand its product offering and grow its presence on the marketplace. Amazon previously announced plans to remove Appario from the platform in 2022 due to protests and regulatory pressures.

Mercedes to invest ₹3,000 crore in Maharashtra: Uday Samant

Internet

Internet · 1y ago

Mercedes to invest ₹3,000 crore in Maharashtra: Uday Samant

Top Mercedes Benz executives met with Maharashtra Industries Minister Uday Samant, confirming a ₹3,000 crore investment in the state. Samant announced on social media that this investment will create jobs and support local industries. They also met German officials to discuss bridging the skilled labour gap and enhancing jobs with technical skills and German language proficiency.

Head of consumer electronics quits amid a top churn at Amazon India

Economic Times

Economic Times · 8m ago

Head of consumer electronics quits amid a top churn at Amazon India

Ranjit Babu, the head of consumer electronics at Amazon India, has resigned amid ongoing senior-level changes in the company. Babu, who was also the former CEO of Cloudtail, a major seller on the platform, played a crucial role in Amazon India's success. His departure follows the recent restructuring of the company after the exit of former India head Manish Tiwary. The ecommerce giant is experiencing a significant senior-level churn, with executives such as Gaurav Arora and Suresh John also leaving the company. Amazon India is now focusing on catching up in the ecommerce business and entering the quick commerce sector.

TikTok, YouTube, Meta mulling Indonesia ecommerce licences

Economic Times

Economic Times · 1y ago

TikTok, YouTube, Meta mulling Indonesia ecommerce licences

TikTok and YouTube are considering applying for ecommerce licenses in Indonesia, following the country's ban on ecommerce transactions on social media platforms. TikTok, with a user base of 125 million in Indonesia, plans to apply for a license and is exploring potential partnerships with local ecommerce players. YouTube is also planning to apply for an ecommerce license, but the specific permit type has not been disclosed. The ban has affected TikTok's ambitions to build its ecommerce service TikTok Shop, which was delivering 3 million parcels a day in Indonesia prior to the ban.

How TikTok saved its ecommerce business in Indonesia

Economic Times

Economic Times · 9m ago

How TikTok saved its ecommerce business in Indonesia

TikTok's ecommerce business in Indonesia faced obstacles when the government prohibited social media platforms from processing online payments. TikTok was forced to halt its ecommerce operations, but found a solution by partnering with local company Tokopedia. The deal allowed TikTok to relaunch its ecommerce feature called TikTok Shop, which operates on Tokopedia's infrastructure. The partnership is significant for TikTok's ambitions in ecommerce, as the app faces scrutiny and potential bans in countries like India and the United States. Southeast Asia, where TikTok has a strong presence, will play an important role in its ecommerce plans.

Alibaba tells Erdogan it plans to invest $2 billion in Turkey

Economic Times

Economic Times · 1y ago

Alibaba tells Erdogan it plans to invest $2 billion in Turkey

Chinese ecommerce giant Alibaba Group Holding Ltd has revealed plans to invest $2 billion in Turkey, according to President Michael Evans. The investment will be made through Alibaba's unit, Trendyol, one of Turkey's prominent ecommerce platforms. The company has already invested $1.4 billion in Trendyol. This move demonstrates Alibaba's commitment to expanding its presence in the Turkish market.

Google Wallet enters India, joins forces with Flipkart, Pine Labs

Inshorts · 1y ago

Google Wallet enters India, joins forces with Flipkart, Pine Labs

Tech giant Google has launched the Google Wallet app for Android users in India, partnering with a slew of ecommerce and ticketing partners. At launch, Google claims to have 20 brands as partners, including cinema chains PVR & INOX, national carriers Air India and Indigo, as well as ecommerce and fintech players such as Flipkart and Pine Labs.

Apple plans $1 billion manufacturing plant investment in Indonesia, minister says

Economic Times

Economic Times · 8m ago

Apple plans $1 billion manufacturing plant investment in Indonesia, minister says

Apple plans to invest $1 billion in a manufacturing plant in Indonesia to produce components for its products, according to Indonesia's investment minister. The move comes after Indonesia banned sales of the iPhone 16 due to Apple's failure to meet local content requirements. The government recently increased the local content requirement, prompting Apple to consider the investment. However, details are still being finalized, and a written commitment from Apple is expected. The tech giant currently has no manufacturing facilities in Indonesia but has set up application developer academies to meet local content requirements in the past.

AMD to acquire AI software startup in effort to catch Nvidia

Economic Times

Economic Times · 1y ago

AMD to acquire AI software startup in effort to catch Nvidia

AMD, the semiconductor giant, has announced its plans to acquire the AI software startup, Xilinx, in an effort to catch up with its rival, Nvidia. The acquisition will enable AMD to enhance its capabilities in high-performance computing and data center markets. Xilinx is known for its programmable logic devices that are used in various applications, including AI and machine learning. This move will help AMD bolster its position in the rapidly growing AI market and provide stiff competition to Nvidia.

Swiggy records $200 million loss for nine months till Dec 2023 ahead of IPO

Livemint

Livemint · 1y ago

Swiggy records $200 million loss for nine months till Dec 2023 ahead of IPO

Indian food delivery giant Swiggy has reported a loss of $200 million for the nine months leading up to December 2023. The company, which is backed by SoftBank, is planning to go public by the end of the year. However, there are concerns about the high valuations of Indian startups that are still making losses. Swiggy's rival, Zomato, also faced a dip in its shares after its listing in 2021 but has recently seen an increase after posting two consecutive quarterly profits.

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