Sycamore acquires Chico's / Amer to list on NYSE / Amazon's "dangerous partnership"
Inside Ecommerce
For January 09, 2024
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Today's e-commerce briefing digs into:
* Sycamore's $1B acquisition of Chico's
* Amer Sports' IPO filing
* Amazon's alleged "dangerous partnership" with virtual casinos
Enjoy!
Gregory
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1
Sycamore Partners closed its $1B acquisition of Chico's. Sycamore has made several previous attempts to acquire the women's apparel retailer.
More:
* Sycamore agreed to acquire Chico's FAS for $7.60 per share in September.
* The deal was set to close by the end of Q1 2024, subject to shareholder approval.
* Chico's and Sycamore announced on Friday that the deal closed after no other suitors came forward.
* Chico's will join Sycamore's KitWell group, which includes brands such as Talbots and Loft.
* KnitWell will generate about $6B in annual sales with Chico's on board.
2
Amer Sports filed a registration statement with the SEC for a proposed IPO. The outdoor apparel company plans to list on the New York Stock Exchange (NYSE) under the stock symbol AS.
More:
* Amer Sports' brand portfolio includes Wilson and Arc'teryx.
* The company was founded in Finland in 1950 and taken private in a $5.2B deal led by China's Anta Sports in 2019.
* Amer has not announced the price range for its proposed IPO or the number of shares to be offered.
* Amer's planned listing may value that company at up to $10B, reports Bloomberg.
* The company reported revenue of $3.5B in 2022, up from $2.4B in 2020.
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3
Amazon faces a lawsuit that accuses it of profiting from unlawful casino-style apps. Google, Apple, and Facebook face similar lawsuits that allege damages worth hundreds of millions of dollars or more.
More:
* A federal judge in California ruled in 2022 that consumers could sue Google, Apple, and Facebook for helping to process in-app payments.
* A similar lawsuit filed in November accused Amazon of "acting as the bank" for digital casinos that it allegedly knew were illegal.
* The lawsuit said Amazon had a "dangerous partnership" with digital casinos.
* Amazon asked a judge in Seattle to freeze the case until an appeals court decides whether to take on similar lawsuits against Google, Apple, And Facebook.
* The San Francisco-based 9th U.S. Circuit Court of Appeals is set to take up the cases and issue a ruling by the end of 2024.
4
Alibaba's Ant Group plans to acquire MultiSafepay, a Dutch payments firm. The move comes as part of a larger push into Western payment markets, Reuters reports.
More:
* Ant Group plans to acquire 100% of MultiSafepay, but the deal remains subject to regulatory approval.
* The deal is set to value MultiSafepay at about $200M.
* MultiSafepay generates $50M in revenue, reports Reuters, citing sources.
* Ant Group acquired Singapore-based payments company 2C2P in 2022 and U.K.-based payments group WorldFirst in 2019.
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5
What the numbers say: U.S. retailers generated 12.4B in revenue on Cyber Monday, making it the biggest shopping day of the 2023 holiday season. Black Friday came in second place with $9.8B in revenue.
Retailers made use of flexible payment options to encourage shoppers to spend over the 2023 holiday season. Consumers spent $16.6B through buy-now-pay-later transactions during the season, up 14% compared to 2022. The use of curbside pickup for online orders decreased slightly to 18.4% in 2023, down from 21% in 2022. However, the use of this option surged on Dec. 22 and Dec. 23, accounting for 36.8% of online orders.
6
Lazada started laying off staff in Southeast Asia on Wednesday. The e-commerce platform faces stiff competition from Shopee and TikTok.
More:
* Alibaba-owned Lazada is the third-largest e-commerce platform in Indonesia.
* The platform began laying off staff on Wednesday, reports CNBC, citing sources.
* The layoffs are affecting staff at all levels and across all functions.
* Lazada said it is making "adjustments" to its workforce to become more "agile" and "streamlined."
7
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Gregory Bridgman Writer / Editor
Gregory Bridgman is a politics and e-commerce researcher with a Ph.D. from the University of Cambridge. He also holds a Master of Science from University College London and a Bachelor's degree from the University of Cape Town. Feel free to follow him on Twitter or drop him an email at gregory@inside.com.
This newsletter was edited by Aaron Crutchfield
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