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.
The mobile messaging app operator is looking to duplicate the US tech and retail giant’s success by growing its business into online shopping, fintech, media content and logistics, The Korea Times reports.
Kakao will announce its first quarter results this Thursday; experts forecast that it will report a 43 percent rise in sales to 1.24 trillion won ($1.1 billion) and a 74 percent increase in profit to 153.8 billion won ($136.8 million), according to The Korea Times.
Though Korea has its fair share of tech firms building out multi-platform empires, Kakao could come out on top thanks in part to its messaging app, which has more than 46 million monthly active users, as well as growth across its e-commerce, media and ride-hailing businesses. Recently, the firm announced its acquisition of Croquis, the operator of fashion e-commerce player ZigZag, which creates personalised shopping experiences with an AI algorithm.
This week’s round-up of global markets fashion business news also features PDD’s ascent in China, Kenya’s controversial suit ban and subterfuge in India’s jewellery trade.
According to The State of Fashion 2024, a potentially volatile global economy and geopolitical tensions in the coming months could further dent consumer confidence in key markets, requiring fashion brands, retailers and suppliers to bolster contingency planning and double down on operating efficiencies, among other measures.
Despite decades of volatility in Latin America’s third-largest economy, some local fashion entrepreneurs have found success thanks to a combination of grit, determination and hyper-adaptability.
This week’s round-up of global markets fashion business news also features Hong Kong jewellery giant Chow Tai Fook, Ghana’s travel retail move and Brazilian apparel retailer Lojas Renner.