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.
Reliance plans to open top-end luxury mall in Mumbai with LVMH and Kering brands set to open stores, marking retail expansion for brands in India.
This week’s round-up of global markets fashion business news also features South African clothing retailer Woolworths, Bahraini asset manager Investcorp and Indonesia’s threats to curb TikTok Shop.
Reliance Industries and Tata Group have launched multi-brand beauty retailers Tira and Tata Cliq Palette respectively in a challenge to incumbents like Nykaa, Purplle and Sephora.
This week’s round-up of global markets fashion business news also reveals the succession plan for an Indian retail billionaire, Kenya’s strategy to revitalise its textile industry and forced labour in Turkmenistan’s cotton harvest.