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.
Swedish payments firm Klarna said on Friday it has acquired e-commerce technology firm Hero Towers Ltd, with the Wall Street Journal reporting that Klarna will pay about $160 million for the deal.
“All 100+ Hero employees will join Klarna”, the Swedish payments firm said in a statement on Friday, without giving any financial details.
In June, Klarna raised $639 million from a group of investors led by SoftBank’s Vision Fund II, lifting its valuation to about $46 billion.
Klarna, which allows shoppers to buy online through its merchant partners and settle their dues in installments via “buy now, pay later” (BNPL), became Europe’s most valuable startup in March when a $1 billion fundraising valued it at $31 billion.
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After fundraising, its valuation rose in June to about $46 billion, higher than several of the region’s major banks.
London-based Hero connects online shoppers with retail workers via text messages, videos and online chat rooms.
By Kanishka Singh; editor: Sandra Maler
Earnings season kicks into high gear, with companies riding high and plumbing new lows reporting.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.