LVMH-Backed L Catterton Agrees to Buy Majority Stake in Kiko
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
Revenue nearly doubled to $767.4 million, while adjusted earnings were $1.13 per share, more than twice analysts’ estimates of 52 cents.
For 2020, the e-commerce company predicts revenue in a range of $2.13 billion to $2.16 billion.
Ongoing investor rotation from growth to value doesn’t appear to be losing steam, meaning further declines could be in store for the e-commerce company.
The Canadian e-commerce company reported second-quarter sales that beat analyst estimates and gave a more optimistic full-year outlook. Revenue grew 48 percent to $362 million.
ADVERTISEMENT
When Shopify said last month that it was moving into the fulfilment business, shares spiked and analysts began talking about it as a potential competitor to Amazon.
The company has been investing heavily to increase its market share, resulting in a new line of point-of-sale hardware and use of Snapchat story ad space.
The e-commerce company said gross merchandising volume rose just 54 percent compared with a 65 percent jump in the same period a year earlier.
With Black Friday and the holiday season looming, questions about shipping delays could weaken confidence in e-commerce.
ADVERTISEMENT
Total operating expenses rose 63.2 percent, as the company invests heavily in upgrading and introducing technologies to attract big and small merchants.
The move adds another outlet for Shopify’s roughly 400,000 users, though the EBay integration will be available initially only for US customers selling in US dollars.
The rates charged will be about 2.4 percent per swipe, and the device will compete with the likes of Square Inc's card reader, which costs merchants at least 2.75 percent per swipe.
Shopify bumped up its annual revenue forecast for the second time this year, sending the shares up the most in almost six months.
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
The company confirmed in January that it planned to restart activities in Venezuela in the first half of 2024 with local partner Grupo Futura.
The move means Shein could be liable for fines of as much as 6 percent of global revenue for violating the law, designed to curtail the spread of illegal content online.
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
The new scent, Zouzou, is the fashion house’s first new perfume since 2022.
Unilever Plc sales jumped more than expected in the first quarter as Chief Executive Officer Hein Schumacher pushes ahead with his turnaround plan and shoppers come back to premium brands.
President Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets or face a ban.
The Alphabet Inc. company said in a blog post Tuesday that it’s still working with the ad industry and regulators on the plan.