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.
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.