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.
Last week, Etsy announced the acquisition of Brazilian e-commerce platform Elo7, often called “the Etsy of Brazil” for $217 million, then on Monday the company said it would set up operations in Mexico, recruiting dozens of employees over the next year, mainly in positions within the product and engineering areas.
Retail e-commerce in Mexico (excluding digital services and products) reached a value of 316 billion Mexican pesos ($15.9 billion) in 2020 (up 81 percent from 2019).
While Etsy already had a presence in Brazil, prior to its Elo7 acquisition, the latter’s leading position in the local market, with 56,000 sellers and 1.9 million customers, will significantly boost Etsy’s operations in the country.
The Brazilian e-commerce player will keep its name and continue to be operated out of its headquarters in Sao Paulo by its current management team.
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In an interview with Brazilian news outlet Exame, president of Elo7, Carlos Curioni, said Etsy inspired his platform’s creation in 2008.
“We have known each other for a few years and have a similar understanding about the culture and business mission. Therefore this acquisition was a natural marriage,” he said.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.