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.
Canada’s Shopify Inc, reported a 110 percent jump in first-quarter revenue that also trounced analysts’ estimates on Wednesday, as its e-commerce platform profited from the past year’s Covid-19 driven boom in online selling.
The company was a clear pandemic winner as pandemic-induced lockdowns fuelled a swift to online purchases, with revenue jumping 86 percent last year from 2019 and making it Canada’s most valuable firm.
US-listed shares of the Ottawa-based company, which provides infrastructure for retailers to set up their stores online, rose more than 3 percent in pre-market trading.
Gross merchandise volume (GMV), a widely watched figure for the e-commerce industry’s performance, surged 114 percent to $37.3 billion in the quarter ended March 31, topping Street’s expectation for at least the sixth straight quarter. Analysts on average had expected $34.38 billion, according to IBES data from Refinitiv.
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Shopify’s revenue rose to $988.6 million, above analysts’ estimate of $865.5 million.
By Tiyashi Datta; editor: Sriraj Kalluvila.
Brands including LVMH’s Fred, TAG Heuer and Prada, whose lab-grown diamond supplier Snow speaks for the first time, have all unveiled products with man-made stones as they look to technology for new creative possibilities.
Join us for a BoF Professional Masterclass that explores the topic in our latest Case Study, “How to Turn Data Into Meaningful Customer Connections.”
Social networks are being blamed for the worrying decline in young people’s mental health. Brands may not think about the matter much, but they’re part of the content stream that keeps them hooked.
After the bag initially proved popular with Gen-Z consumers, the brand used a mix of hard numbers and qualitative data – including “shopalongs” with young customers – to make the most of its accessory’s viral moment.