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.
DUBAI, United Arab Emirates — Amazon.com Inc. has won the battle to acquire Dubai-based Souq.com, after walking away from a deal earlier this year.
Terms of the agreement were not disclosed in a joint statement from Amazon and Souq.com Tuesday. The US e-commerce giant trumped an offer from Emaar Malls PJSC, the operator of the world’s biggest shopping center, which bid $800 million for Souq.com.
“Amazon and Souq.com share the same DNA — we’re both driven by customers, invention and long-term thinking,” said Russ Grandinetti, senior vice president at Amazon, in a statement.
Amazon restarted negotiations after earlier talks put a price of as much as $650 million on the target, people familiar with the situation have said.
Souq.com was valued at $1 billion in its last funding round, people with knowledge of the matter said in April 2015. Souq.com’s existing investors include Tiger Global Management and South Africa’s Naspers Ltd. The deal is expected to close in 2017.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.