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.
LAGOS, Africa — French telecommunications company Orange is to invest 75 million euro ($85 million) in Nigerian e-commerce group Africa Internet Group (AIG) and become a shareholder, the two companies said on Tuesday.
AIG, which was founded in Nigeria in 2012, already counts Goldman Sachs, South African telecoms group MTN and Germany's Rocket Internet among its shareholders.
It owns several technology firms across 26 African countries including online retailer Jumia, delivery app HelloFood, hotel booking platform Jovago and online real estate marketplace Lamudi.
"With this strategic investment, Orange now has the capacity to play a leading role in the fast-growing e-commerce market in Africa," Stéphane Richard, chairman and CEO of Orange, said in a joint statement with AIG.
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"This investment will enable us to significantly develop our ability to market products and services developed by Orange Middle East and Africa over the Internet," he added.
Orange said last week that it plans to grow in Africa, among other regions, after its talks to buy French peer Bouygues Telecom collapsed.
"We are thrilled by Orange's equity investment and are eager to translate our strategic partnership into unique offers for our customers," said AIG founders and co-CEOs Sacha Poignonnec and Jeremy Hodara.
Last month AIG announced additional funding worth a total of 225 million euros ($245 million).
By Alexis Akwagyiram; editor: Susan Fenton.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.