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.
NEW YORK, United States — Snap Inc., owner of the popular disappearing-messages service Snapchat, seeks to raise up to $3 billion in an initial public offering.
That number may change based on investor demand.
The highly anticipated IPO is expected to be the one of the largest since Alibaba Group went public in 2014. But Snap is better known than the e-commerce company, drawing comparisons instead to the IPOs of Facebook and Twitter.
According to IPO documents filed on Thursday, Snap has lost nearly $1 billion in the past two years.
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Los Angeles-based Snap had revenue of $404.5 million in 2016, up from $58.7 million in 2015. Its net loss was $514.6 million last year, and $372.9 million the year before.
The company says 158 million people use Snapchat daily.
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.
Brands including LVMH’s Fred, TAG Heuer and Prada, whose lab-grown diamond supplier Snow speaks for the first time, have all unveiled products with man-made stones as they look to technology for new creative possibilities.
Social networks are being blamed for the worrying decline in young people’s mental health. Brands may not think about the matter much, but they’re part of the content stream that keeps them hooked.
After the bag initially proved popular with Gen-Z consumers, the brand used a mix of hard numbers and qualitative data – including “shopalongs” with young customers – to make the most of its accessory’s viral moment.