The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
OTTAWA, Canada — Shopify Inc. fell for an eighth consecutive day, its longest streak of declines ever, amid a broader slump in tech stocks. Shares fell as much as 8.4 percent, the most since June.
It’s not enough to knock the e-commerce company from its perch near the top of Canada’s S&P/TSX Composite Index, where it’s currently the fifth-best performer year-to-date. However, the ongoing investor rotation from growth to value doesn’t appear to be losing steam, which means further declines could be in store for Shopify.
The S&P/TSX Composite Information Technology Index has fallen 8.6 percent so far in September, making it the worst-performing sector on Canada’s stock benchmark. Energy is the biggest gainer, up 6.6 percent, followed by a 6 percent gain in financials. That sector got a boost Tuesday after Bank of Nova Scotia was upgraded to buy at Bank of America.
The S&P 500 Software Index fell as much as 1.7 percent Tuesday, poised for its biggest drop in about a month, while the FAANG stocks lost some $56 billion in value after US President Donald Trump made negative remarks to the United Nations General Assembly about the growing power of social media platforms.
By Kristine Owram; editors: Brad Olesen, Steven Fromm and Catherine Larkin.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.