🇦🇺 Australian multi-brand e-tailer Cettire acknowledges US tax questions. The company, a thriving gray market luxury goods e-commerce platform, is facing charges from U.S. authorities over unpaid taxes after anonymous bloggers raised questions about the company's elusive tax status in Texas and California. He announced that he is in contact with the company. The ASX-listed company, founded by Dean Mintz in 2017, has seen a rapid rise in its share price in recent days, and a lack of public details about its business has sparked skepticism from investors and industry insiders. It has attracted harsh attention from The company is believed to be partnering with third-party wholesalers to offer products from major brands such as Prada, Burberry and Gucci to consumers around the world at deep discounts. [Australian Financial Review]
🇧🇷 Brazil's JHSF Capital is partnering with private equity firm 1686 Partners. The investment vehicle launched in 2022 by JHSF Participações, the real estate company that operates luxury fashion mall Cidade Jardim and other shopping centers and properties across Brazil, will be based in Luxembourg, founded by Chanel heir David Wertheimer. We have entered into a strategic partnership with a company based in our home country and forged a new relationship. Fund for Latin American investors. In JHSF Capital's first full year he has established and managed six real estate funds. 1686 Partners has already invested in companies such as French mountain sports and fashion brand Fusalp and pre-owned luxury watch platform Watchbox. [BoF Inbox, Brazil Journal]
🌏 The ripple effect of the Taiwan earthquake on the textile supply chain remains unclear. Considering the strength of the magnitude 7.4 earthquake that occurred last week and killed 13 people, the island was surprisingly unscathed, but there was significant damage to infrastructure in some places. “At a macro level, we don't think the impact will be significant… But at an individual company level, it could be significant. And the impact may not be known for months.” said Peter Guindt of Resilinc, a supply chain risk management provider. Taiwan's textile and apparel exports will reach $8.8 billion in 2022, with 4,511 manufacturers based in Taiwan. [Sourcing Journal]
🇦🇪 Abu Dhabi Investment Authority is considering India's Purple. ADIA, the sovereign wealth fund acting on behalf of the United Arab Emirates of the same name, is to move into a Mumbai-based multi-brand beauty retailer, business media outlet Mint reported, citing sources. The company is said to be in the early stages of negotiations for a $100 million investment. If the deal goes through, it would be ADIA's second investment in the company in less than a year, following a $50 million to $60 million injection into the company in 2023, at a valuation of $1.1 billion. [Mint, Zawya]
🇯🇴 A Jordanian factory that supplies sportswear brands is accused of forced labor. Needlecraft, a leading Jordan-based clothing manufacturer behind brands such as Under Armor, American Eagle, and Columbia, has faced allegations of systematic abuse and exploitation of Bangladeshi migrant workers at its fine apparel factory in Zarqa. facing. She died by suicide. US brands have launched urgent investigations into claims reported by labor rights group Labor Behind the Label. [I News]
🇦🇺 Australian cotton processing giant Namoi Cotton receives takeover offer. The company, which operates 11 cotton gins in New South Wales and Queensland through the Namoi Cotton Alliance, a joint venture with the Louis-Dreyfus Company, also owns Singapore-based agricultural business Olam Agri Holdings. Ltd., for an all-cash consideration. $0.59 per share. [Ragtrader]
🇮🇳 Indian jeweler Titan Company reports double-digit sales growth in fourth quarter. The Bangalore-based watch and jewelery group, whose portfolio includes namesake brands Titan, Tanishq, Zoya, Mia and CaratLane, posted a 17% year-on-year growth in revenue in the quarter ended March 2024. The company has added his 86 stores to its global network. , including stores in Dubai and Chicago, brings his total to 3,035 stores during the period. [Economic Times]
🇮🇳 India's Kalyan Jewelers posted 34% revenue growth in the fourth quarter. The Thrissur-based company, which has namesake brands and digital-first brand Candere in its portfolio, reported 31% growth in revenue on a consolidated basis for the full year FY24. During this period, we launched 71 new showrooms, taking the total to 253 showrooms across India. And the Middle East. [Economic Times]
🇦🇺 Australian fashion retailer Marquee Retail Group has called in administrators. The company that owns Colette, by Colette Heyman and the Daily Edited, previously announced that the company that owns Colette, due to the effects of the COVID-19 pandemic, will be closed from October 2023 to March 2024, citing the impact of weak sales. He admitted that he was placed into voluntary administration due to the fact that his debts had worsened due to debts he had incurred. [Ragtrader]
🇲🇾 Lagardère Group appoints Heart Media Group as partner Elle Malaysia. The French publishing giant has signed a licensing agreement with a regional publisher based between Singapore and Kuala Lumpur. Heart Media was founded in 1997 and launched the first issue of the magazine. Elle Titles such as Men's Folio and Singapore Edition will be published in Singapore in March 2024 esquire and Grazia. [Khanh Linh for BoF]
🇮🇳 Indian hair care company Traya has raised nearly $9 million in funding. Founded by Saloni Anand and Altaf Saeed, the company, which offers anti-hair loss products that combine Ayurveda, allopathy and nutrition, has received a 7500 investment from Mumbai-based private equity fund Exponencia Capital. It secured an investment of Rs. To date, Traya Health has raised approximately $3 million from companies including Fireside Ventures, Stride Ventures, Kae Capital, and Whiteboard Capital. [Economic Times]
🇸🇬 Carousell Group joins Singapore luxury goods resale platform LuxLexicon. The group, which includes eponymous C2C marketplaces Vietnam's Chotot and Malaysia's Mudah, has acquired LuxLexicon, a Singaporean luxury bag reseller and certified luxury goods consignment platform, for an undisclosed sum. . The move follows the group's acquisitions of certified sneaker and streetwear e-tailer Ox Street and fashion re-commerce site Refresh in 2021 and 2022 respectively. [Khanh Linh for BoF]
🇮🇳 Amazon India has launched a bazaar for low-priced unbranded fashion. The e-commerce giant has hired a new category of sellers for unbranded products in apparel, watches, shoes, jewelery and luggage categories to increase competition from the likes of Meesho and Flipkart's Shopsy. [Economic Times]
🇯🇵 Japanese beauty giant Kose closes its Tmall flagship store in China. Parent company Kose Group has shut down following reports of a decline in the brand's presence in key Chinese markets, including absences from major promotional events such as Singles' Day and 618, citing strategic realignment. Announced. [Jiemian, Jing Daily]
🇰🇷 Temu's Korean user base has surged by more than 40% in just one month. The number of users in the South Korean market of the e-commerce marketplace owned by China's PDD Holdings rose to 8.3 million in March from 5.8 million in February, according to analysis services WiseUp and Mobile Index, showing that the e-commerce market, owned by China's PDD Holdings, is more established. The company narrowed the gap with its rival, Alibaba Group. AliExpress. [InsideRetail]
🇨🇱 Latin American retail giant Falabella appoints general manager. The Chile-based department store group, which operates in markets including Brazil, Peru, Argentina and Colombia, announced the appointment of Alejandro González Dale as general manager. González Dale was the administrative and financial manager at Falabella for over 17 years until he took on the role on an interim basis for three months, replacing Gaston Bottazzini. [Graciela Martin for BoF, Forbes Chile]
🇮🇳 India's Good Glam Group launches Serena Williams makeup line. The Mumbai-based content-to-commerce unicorn, which started as DTC makeup brand MyGlamm and went on to acquire stables of beauty and personal care products, has formed a joint venture with the American tennis champion has launched a new brand, Wyn Beauty, in the United States. It will enter the market through a new entity called SW-Sanghvi Beauty USA Inc. [BoF, Economic Times]
🇨🇳 Fred has appointed Chinese actress Zhang Tianai as its brand ambassador. The LVMH-owned jewelry brand has teamed up with the star, also known as Crystal Chan, who has more than 18 million followers on social media platform Weibo.
🇦🇪 Dubai retail giant Landmark Group has appointed a new deputy CEO for its lifestyle division. The group, which is based in the United Arab Emirates and has a presence in the Middle East, India and South East Asia, with a portfolio of fashion retail chains such as Centrepoint, Splash, Shoemart, Maxx, Styli and Lifestyle, is a leader in lifestyle chains. Ritesh Mishra has been appointed for the role. [Economic Times]
🇨🇳 Hublot has appointed Chinese actor Yu Xi as its brand ambassador. The Swiss luxury watchmaker, owned by LVMH, has hired an actor known for roles in films such as “The Creation of the Gods I: Storm Kingdom.'' [Jing Daily]
