R|T: The Retail Times – Shein’s value dips, Lightspeed taps Google alum

Shein dress
Plus: Amazon freezes corporate hiring in retail business.

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Carbon6 closes $88 million CAD Series A to consolidate “fragmented” e-commerce software space (BETAKIT)

Since its launch in April 2021 during the pandemic-driven e-commerce boom, the startup has made significant headway on this front, acquiring 16 companies in the past 16 months. Now, armed with $88 million CAD ($66 million USD) in Series A financing, Carbon6 plans to buy, build, and grow even more e-commerce software companies, including larger, more mature firms.

China’s Shein sheds up to one-third of its value in stake sales (FINANCIAL TIMES)

The rapidly expanding retailer, which sells cheap clothes and lifestyle products targeting Gen-Z shoppers mainly in the west and the Middle East, has been valued at $65bn-$85bn in private markets, according to three people with knowledge of the situation.

Lightspeed adds Google alum Ryan Tabone as chief product and technology officer (BETAKIT)

After helping lead Google Pay and Google Finance as VP and general manager from 2018 to 2021, Tabone has now been tasked with guiding Lightspeed’s product and tech roadmap as the company looks to better connect stores with suppliers and consumers and grow its financial services capabilities.

South Korea’s Naver to buy U.S. e-commerce site Poshmark for $1.2 billion (CNBC)

Naver is paying $17.90 per share in the all-cash deal. Shares of the South Korean internet giant slid more than 7% in Asia’s trading session, while Poshmark closed Monday at $15.57.

BetaKit Live: Fighting back against cyber threats (BETAKIT)

In partnership with TELUS Online Security, BetaKit is happy to present a live-streamed panel conversation on what Canadians need to know about cybersecurity threats while providing practical solutions for online protection.

Amazon Freezes Corporate Hiring in Its Retail Business (THE NEW YORK TIMES)

Amazon is freezing corporate hiring in its retail business for the rest of the year, according to an internal announcement obtained by The New York Times, making it the latest company to pull back amid the economic uncertainty.

The announcement, in an email to recruiters, said the company was halting global hiring for all corporate roles, including technology positions, in its stores business, which covers Amazon’s physical and online retail business and its logistics operations. More than 10,000 openings were posted in that division, which accounts for the bulk of Amazon’s sales, as of Monday evening.

Canada Drives fuels up with $10 million extension to support growth amid economic headwinds (BETAKIT)

Canada Drives did not disclose who invested the $10 million, though called them existing investors with “deep insights” into the company and the industry it serves. The startup’s existing investors include San Francisco-based Honor Ventures, Indiana’s KAR Global—which serves the global used vehicle wholesale industry—and Santa Monica-based Anthos Capital.

Shopify agrees to consumer safety tweaks in Europe (TECHCRUNCH)

The changes agreed to include a commitment to create a “fast and effective” ‘notice and action’ procedure for national consumer authorities to report problems they spot; and an agreement to change its templates to encourage traders to be more transparent with consumers.

How TD is working to open-source equity education (BETAKIT)

Speaking with BetaKit, Samantha Estoesta, Manager of Equity in Innovation and Programs at TD Lab, explained the origins of the Equity Resource Hub and its core five-step process any company can use to help build more inclusive products and services.

Shopify settles textbook publishers' lawsuit over alleged piracy (REUTERS)

Shopify has settled allegations by a group of major educational publishers that the Canadian e-commerce company enables piracy on its platform, according to a Tuesday filing in Virginia federal court.

The joint filing said Shopify had resolved the dispute with Macmillan Learning, Cengage Learning, Elsevier, McGraw Hill, and Pearson Education and asked the court to dismiss the case with prejudice, which means it cannot be refiled.

Ownly secures $2.55 million, aims to become “Shopify for real estate” (BETAKIT)

“The buying process of new construction literally has not changed in 50 years,” Ownly co-founder and CEO Jason Hardy told BetaKit in an exclusive interview, claiming that even today, most new home construction sales take place in person and the vast majority of the market still doesn’t put pricing online.

Meta’s Abandoned Shopping Cart: How Mark Zuckerberg’s Commerce Plans Went Wrong (THE INFORMATION)

Online shopping was booming, and the CEO of Facebook—now called Meta Platforms—wanted to transform Facebook and Instagram into shopping destinations. Employees worried that Zuckerberg’s expectations were exceedingly high, and some were concerned his lieutenants were unwilling to tell him so.

Smart business card startup Ovou wins $110,000 at 22nd New Ventures BC competition (BETAKIT)

Among the top three prizes, Vancouver-based smart business card provider Ovou won first place, securing $110,000. By tapping an Ovou card on a smartphone, users can instantly share a curated professional profile and contact information.

Loblaw expects e-commerce grocery shopping to grow ‘significantly’ (THE GLOBE AND MAIL)

“We don’t know exactly what the new growth rate is going to be,” Galen G. Weston, the president of Loblaws said in an interview. Though online sales fell compared with a period when COVID-19 fuelled heightened demand, he added, they are still tracking above prepandemic levels.

“My view, and our company’s view, is that e-commerce in grocery will continue to grow, and it will continue to grow quickly.”

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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