| 1 | | Investment firm Regent acquired Qurate Retail Group's e-commerce unit, Zulily. Qurate said the deal will allow it to focus on its core brands. More: - Zulily was sold to Regent for an undisclosed sum.
- Regent's brand portfolio includes Drybar and Club Monaco.
- Qurate acquired Zulily in 2015 for $2.4B.
- Zulily consistently reported the biggest revenue losses within Qurate's portfolio.
- Qurate agreed to repay Zulily's outstanding debt of $80M as part of the deal with Regent.
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| 2 | | What the numbers say: 87% of worldwide businesses surveyed by Avionos in 2021 would pay more to get better e-commerce capabilities from their suppliers. The percentage of respondents that felt this way decreased to 81% in 2022, returning to the level it reached in 2020. Relevance: The value of U.S. B2B e-commerce reached $1.7T In 2021 and is set to exceed $3T by 2027, according to Forrester. Data from the Avionos survey indicates that competition is growing in the B2B sector as buyers are increasingly expecting more from their suppliers. 97% of buyers said that suppliers' tech solutions caused them to experience some sort of pain point while making online purchases. Brands that should care: B2B sellers could take advantage of the demand for high-quality e-commerce capabilities by investing in their in-house e-commerce operations. Alternatively, they could switch to superior third-party platforms. 94% of surveyed B2B buyers said their firms prefer working with suppliers that continuously develop their digital capabilities. The Avionos survey data indicates that these buyers would be willing to accept higher costs in exchange for improved online services. | | |
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| 3 | | Gap reported net sales of $3.3B, down 6% YoY. Online sales were down 9% and comprised 37% of Gap's total sales. More: - Sales at Gap's Banana Republic brand declined 10% to $432M.
- Old Navy net sales dropped 1% to $1.8B.
- Gap reduced its net loss from $162M to $18M by cutting costs.
- The firm announced plans to cut 1,800 jobs last month.
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| 4 | | Costco's Q3 results missed expectations. E-commerce sales fell by 10% during the quarter. More: - Costco's net income stood at $1.3B, down from $1.35B last year.
- The firm reported net sales of $52.60B, up 1.9%.
- Income from Costco's membership fee rose 6% to $1.044B.
- Renewal rates stood at 92.6% in Canada and the U.S., while shopping frequency increased 4.8% worldwide.
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| 5 | | Sarah Rhoads will leave her role as head of Amazon Air. She played a key role in expanding the company's logistics business. More: - Rhoads joined Amazon in 2011 after serving as an F-18 pilot.
- During her tenure, Amazon's logistics operations grew larger than FedEx in terms of packages delivered.
- Rhoads left Amazon Air to manage the company's health and safety division.
- Amazon has faced criticism in recent years for its workplace safety record.
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| 6 | | Ulta Beauty posted strong quarterly results last week. The company also noted a significant rise in shrinkage due to retail crime. More: - Ulta's net income rose 4.7% to $347.1M.
- The firm posted earnings per share of $6.88.
- Net sales rose 12.3% to $2.634B, with comparable sales up 9.3%.
- Ulta lifted its full-year sales forecast to between $11B and $11.1B.
- The previous forecast set a range of $10.95B to $11.05B.
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- Stytch's B2C authentication platform will now authenticate B2B products and applications.
- Walmart is working with its grocery suppliers to lower their costs.
- HSBC launched a tool that allows B2B sellers to offer extended payment facilities to their customers.
- D2C meal kit provider Blue Apron will sell its production and fulfillment assets.
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| | Gregory Bridgman Writer / Editor | | Gregory Bridgman is a writer and researcher with an academic background in politics and the philosophy of science and technology. He holds a BA from the University of Cape Town, an MS from University College London, and a Ph.D. from the University of Cambridge. He is interested in climate issues, technological changes, and the implications of the fourth industrial revolution. Please feel free to contact me at [email protected]! | | This newsletter was edited by Vibha Chapparike |
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