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 Indonesian e-commerce and ride-hailing start-ups have confirmed their proposed deal and will create a new entity called GoTo. The company could be valued at up to $40 billion, DealStreetAsia reports.
Goto will be led by Tokopedia CEO William Tanuwijaya and president Patrick Cao; alongside Gojek’s co-CEOs Andre Soelistyo and Kevin Aluwi. Tokopedia and Gojek shareholders will own 42 and 58 percent of the company respectively, according to Bloomberg.
Goto’s services will span e-commerce, courier services, food delivery, ride-hailing and more; estimates from this month peg its valuation at around $18 billion.
The announcement follows news that Singaporean ride-hailing giant Grab will go public in the US in the world’s largest SPAC merger, which would also value that start-up at around $40 billion. Experts expect that the debut will spur a listing spree by Southeast Asian tech firms, including Goto.
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.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.