Fanatics CEO Michael Rubin selling ownership stake in 76ers, NJ Devils

Michael Rubin attends Fanatics Super Bowl Party on February 12, 2022 in Culver City, California. Shareif Ziyadat | Filmmagic | Getty Images Billionaire Fanatics CEO Michael Rubin announced Wednesday that he is selling his 10% stake in the parent company that owns the Philadelphia 76ers and New Jersey Devils, citing a conflict of interest with … Read more

Southeast Asia start-ups lay off workers amid economic uncertainty

Southeast Asia’s tech companies are laying off workers as they brace themselves for a tougher fundraising environment. Guilliermo Perales Gonzalez | E + | Getty Images Hundreds of workers from start-ups in Southeast Asia have been fired in the last few months, proving that the fast-growing industry is not immune to the global economic slowdown. … Read more

Alibaba shares drop after Jack Ma’s Ant Group says no plan for IPO

Ant Group, founded by billionaire Jack Ma, scrapped its IPO in November 2020 after regulators flagged concerns with the company. Since then, the company has been ordered to rectify its business. Ant Group said that a revived IPO is not on the cards yet. Costfoto | Future Publishing | Getty Images Alibaba shares dropped 8% … Read more

Shopee, Garena post strong revenue

Singapore, Singapore – 2021: A large Shopee logo at the entrance to the e-commerce platform’s headquarters at Science Park. (Exact photography date unknown due to incorrect camera settings) Kokkai | Istock Unreleased | Getty Images Shares of Southeast Asia’s e-commerce and gaming firm Sea Group popped up after its first-quarter revenue beat analysts’ expectations on … Read more

Slowest quarterly revenue growth on record

Chinese e-commerce giant JD.com posted its slowest quarterly revenue growth on record for the first three months of the year, as Covid-19 lockdowns in the world’s second-largest economy weighed on consumer spending. JD.com beat estimates on revenue but missed expectations on profit. Here’s how JD did in the first quarter of 2022, versus Refinitiv consensus … Read more

Just Eat Takeaway is exploring a sale of Grubhub

The Grubhub logo displayed on a smartphone screen. Rafael Henrique | Sopa Images | Lightrocket | Getty Images European food delivery giant Just Eat Takeaway.com said it’s considering a sale of Grubhub, its US arm, after facing pressure from investors to explore strategic deals. Just Eat Takeaway.com’s board “confirms its alignment with shareholders in wanting … Read more

Rent the Runway (RENT) Q4 2021 loss

Rent the Runway sees the more than 2 million weddings planned for this year, and all the parties that come with them, as being a massive boon to its business. Plus, according to co-founder and chief executive Jennifer Hyman, Rent the Runway is reaping the benefits of consumers seeking value and stability during times of … Read more

Fanatics aims to be $100 billion company

Michael Rubin arrives at the 2019 Fanatics Super Bowl Party on Saturday, Feb. 2, 2019, in Atlanta. Paul R. Giunta | Invision | AP Sports e-commerce company Fanatics is growing quickly, but it’s still nowhere near where it aims to be. Recently, the company said, it has reached a $ 27 billion valuation and it … Read more

How Amazon plans to fix its massive returns problem

Amazon is handling a rapidly growing number of returns that are causing a massive problem for the e-commerce giant and the planet. A National Retail Federation survey found a record $ 761 billion of merchandise was returned to retailers in 2021. That amount surpasses what the US spent on national defense in 2021, which was … Read more

JD.com founder Richard Liu steps down as CEO of e-commerce giant

Richard Liu, the founder of Chinese e-commerce giant JD.com, will step down from his role as CEO. His departure comes after a number of high-profile technology founders exited their leadership positions amid Beijing’s regulatory crackdown on its domestic tech sector. VCG | Visual China Group | Getty Images JD.com’s billionaire founder Richard Liu has stepped … Read more