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.
Singapore’s Sea Group, which owns e-tailer Shopee, today reported that its net loss for the three months ended in March widened to $422 million from $281 million last year, Nikkei Asia writes.
The New York-listed company, which operates businesses spanning e-commerce, online gaming, food delivery and mobile payments, saw Q1 revenue hit $1.76 billion, up from $714 million in 2020, thanks to an uptick in demand for e-commerce. Sea’s e-commerce business saw revenues grow 250 percent year-on-year to $922 million.
The group, currently Southeast Asia’s most valuable listed company according to Nikkei Asia, is amping up efforts to capture growing demand across the region, which has become a battleground for tech and retail giants like Gojek and Tokopedia, which this week confirmed news of a merger that could be valued at $18 billion. To compete, Shopee is increasingly tapping into digital formats like livestreaming, inking deals with premium brand partners like K-beauty giant Amorepacific and launching sales festivals to boost sales.
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.