Tag Archives: financial results

Thredup, now public, wants to break the resale technology for fashion brands | Instant News


Thredup, now a public company, is looking to build a resale technology solution for brands alongside its customer markets.

Thredup raised $ 168 million with a market value of $ 1.3 billion in an initial public offering (IPO) on Friday. Its stock jumped from $ 14 to $ 20. With 1.24 million active buyers, 428,000 active sellers, and $ 186 million in revenue in 2020, it’s not profitable yet. But Thredup, which keeps inventory from sellers, is betting that its white label technology could help not only the brand but its own profitability.

Competition in resale has surged in the past year, with increasing industry attention to the second-hand market, due to its relevance among younger customers, substantial growth and sustainability metrics. Thredup is the second resale company to go public this year, afterwards IPO January Poshmark and RealReal in 2019. Paris-based Vestiaire Collective created a A $ 216 million deal with Tiger Global Management and luxury conglomerate Kering, which takes a 5 percent stake. The resale market is expected to reach $ 36 billion by 2024, representing a compound annual growth rate of 39 percent since 2019, making it the fastest growing sector in retail, according to a January 2020 survey from GlobalData.

But while luxury brands may want more revenue from and control their brands in the secondary market, they are less willing and unable to spend 10 years and hundreds of millions of dollars investing in the robust infrastructure and technology needed to support them, says Neil Saunders, managing director of GlobalData’s retail division. As such, they are increasingly considering partnering with technology platforms, flooded with VC cash and scale-dependent, for branded “white label” resale technology from a customer-facing perspective.

“Brands want to play on the resale, but it is difficult to allow resale on a large scale and get the unit economy to work at a lower price point,” said Ainslee Withey, managing director at Barclays Investment Bank, which is an underwriter for Thredup’s IPO. Among the technological challenges are the ability to predict the ideal resale price, the ability to automate unique and unpredictable inventory orientation, and the ability to make personalized recommendations from a multitude of unique items. Because of this, he said, “There are clear partnership opportunities with resale technology platforms. And once they reach a certain scale, they can grow exponentially. “

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Emirates Post continues postal services to Pakistan | Instant News


DUBAI: Emirates Post has announced the resumption of all mail, package and package services to Pakistan, providing the Pakistani UAE community and cost-effective channel business to the high-volume market.

Pakistan is one of the Emirates Post’s main markets in South Asia, contributing nearly 80 tons of postal material in 2019.

“Pakistan is one of our busiest markets, and we are very happy to restore service, after a temporary suspension due to the COVID-19 crisis. The Pakistani community is an integral part of the UAE socio-economic rug and through our network, we have created a convenient, cost-effective and reliable mechanism for people to send gifts, home goods, electronics, and retail products for resale . Pakistan, “said HE Abdulla Mohammed Al Ashram, Acting Group CEO of Emirates Post Group.

Effective immediately, all postal services – Economic Letters, Standard Letters, Registered Letters, Standard Packages, Standard Packages and Express Packages – will be available for this country, including the main commercial centers of Karachi and Lahore as well as strategic areas such as Peshawar, Rawalpindi, Faisalabad and Quetta. Emirates Post will use air freight to transport shipments to Pakistan and utilize the Pakistan Post network in the country to ensure a smooth delivery process.

Emirates Post has been able to negotiate the best prices for its customers because of the scale of its operations, the volume of goods, and the choice of transportation routes. With prices starting from 47AED for 1kg and 83AED for 5kg, Emirates Post offers one of the most effective postal delivery solutions to Pakistan within 4 days or 21 days based on the needs and services chosen.

As the route reopened, Emirates Post continued to use strict measures as part of its response to the COVID-19 pandemic. The health and safety protocol covers routine sanitation of all branches, sorting and shipping centers, offices, delivery vehicles, including all postal and parcel items that enter their facilities. This also ensures that all the couriers are checked for temperature every day and equipped with the personal protective equipment needed to make the contactless delivery.

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Shell Pakistan quarter results impacted during the pandemic | Instant News


Rupee Pak devalued against the US dollar by a further 7%, and the effect was felt in the company’s overall results.

ISLAMABAD: Shell Pakistan Limited’s Board of Directors (‘SPL’) announced the first quarter results for the company on May 20. The company posted a loss after tax of PKR 4,332 million compared to PKR’s profit of 257 million made in the same period last year.

This quarter has been severely affected by the impact of the unprecedented coronavirus pandemic. The pandemic led to a downturn in the global economy that caused crude oil prices to fall sharply from $ 66 / barrel in January 2020 to $ 22 / barrel in March 2020, down more than 60 percent, mainly due to falling global oil demand. The oil industry is feeling the effects of oil price instability which also affects the SPL.

SPL maintains adequate product stock in accordance with compliance requirements. This sharp decline in oil prices resulted in very high inventory losses during the first quarter of 2020 which in turn had a significant impact on financial performance.

The oil industry is also feeling the effects of the decline in the fuel market in Pakistan due to the national locking measures imposed by the Government including closure across the country for business, factories and public transportation which are not essential. As a result, OMC in Pakistan experienced a reduction in oil consumption because the volume of Pakistan’s Gasoline Motor fell by 10% while the volume of High Speed ​​Diesel dropped 29% compared to the same quarter last year. This downward trend in volume also has an impact on the SST and has a significant impact on its financial performance.

Rupee Pak devalued against the US dollar by a further 7%, and the effect was felt in the company’s overall results.

SPL focuses on encouraging credible, competitive and affordable business plans that deliver top quartile business performance and play a key role in developing Pakistan’s energy future.

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