The Retail Times is a weekly newsletter covering retail tech news from Canada and around the globe.
Subscribe to R|T using this form to ensure you don’t miss out on the most important retail tech news every week!
Shopify executive earned US$76-million in 2023, far outpacing CEO’s compensation
The best-paid Shopify executive is a relatively new face in the leadership suite: Kaz Nejatian, chief operating officer since September, 2022, who has earned US$116.7-million over the past three years.
The figure includes US$76-million in total compensation in 2023.
The pay, which came largely through stock and option awards, is nearly twice the US$60-million chief executive officer Tobias Lütke made from 2021 to 2023 and nearly five times the US$24.9-million president Harley Finkelstein received.
Lightspeed stock jumps as Dax Dasilva stays put, posts positive Q4 earnings
Montréal-based Lightspeed Commerce saw its stock jump 15 percent on the Toronto Stock Exchange at market open Thursday as it reported strong year-over-year revenue growth in the fourth quarter and announced founder Dax Dasilva would remain as its permanent CEO.
Dasilva said the strong fourth quarter is bringing Lightspeed into a new fiscal year with a revitalized sense of energy and purpose, and that he is excited to guide the company through its next steps, which include sustainable and profitable growth.
(BetaKit)
Untangling the thread
A Canadian clothing empire’s shareholders must soon decide whether ex-CEO Glenn Chamandy is the right man for its future – and assess his past, including labour-abuse allegations in Central America.
On Dec. 11, Gildan’s board shocked the market by announcing that Mr. Chamandy had “left his position” as chief executive officer after 20 years in the role. Vince Tyra, a former president of Fruit of the Loom and past CEO of apparel distributor Broder Bros. Co., was taking over.
Gatik secures $41 million CAD from Isuzu Motors as pair expands partnership to build autonomous trucks
Autonomous trucking startup Gatik AI and Japanese commercial vehicle manufacturer Isuzu Motors have teamed up to develop and produce self-driving trucks, a partnership that has seen Isuzu make an equity investment of $41 million CAD ($30 million USD) into Gatik as part of this deal.
The pair intend to work together to build a new vehicle frame or chassis that is compatible with Gatik’s autonomous driving tech.
The goal is to build this truck platform at a dedicated manufacturing facility established by Isuzu that will begin operations in 2027.
(BetaKit)
NRF rejects Shein membership as retailer pursues U.S. IPO
Chinese-founded fast fashion behemoth Shein isn’t just working to win over lawmakers in Washington, D.C., as it gears up for a potential U.S. IPO, it’s also trying to win over the broader U.S. retail industry.
It’ll have to go through the National Retail Federation first.
For most companies, becoming a member of the NRF wouldn’t have a major impact on their business. The organization is the retail industry’s primary lobbying machine in Washington, D.C., and provides access to NRF events and research on market trends, among other benefits.
But Shein is in the midst of a charm offensive. It has been working to convince lawmakers that it can be trusted as a public company listed on American exchanges despite concerns over its ties to China, its supply chain and its use of a trade law loophole.
(CNBC)
Nfinite Nanotech closes $8.9 million CAD to nanocoat sustainable packaging
Kitchener-Waterloo startup Nfinite Nanotech has secured $8.9 million CAD ($6.5 million USD) to help improve the feasibility of sustainable packaging.
Nfinite describes its offering as “paper that performs like plastic.” Its flagship Spatial Atomic Layer Deposition technology produces ultra-thin nanocoatings that help sustainable packaging preserve products while maintaining recyclability and compostability.
(BetaKit)
Shopify has acqui-hired AI-driven analytics startup Peel Insights
Shopify has acquired the team working on analytics startup Peel Insights, the Canadian e-commerce giant confirmed.
Peel’s tools help online sellers analyze their sales data and improve customer retention.
Peel’s CEO and cofounder, Nicolas Grasset, is now a director of product at Shopify, according to his LinkedIn, and the Peel app is still available on the Shopify App Store. A Shopify spokesperson did not specify whether the app would continue on in its current iteration.
Relocalize closes $2.3 million to decarbonize the food supply chain with micro-factories
Montréal-based cleantech startup Relocalize has secured a $2.3-million CAD seed extension from Desjardins Capital and existing backer RGS Ice to hasten the development and deployment of its technology-powered micro-factories.
By co-locating the manufacturing and packaging of food-related items with distribution, Relocalize aims to cut middle-mile transportation—and the environmental and financial costs associated with it—out of the equation altogether.
(BetaKit)
Workers can form union at Amazon warehouse in Laval, Que., a first in Canada
Quebec’s labour tribunal has given union accreditation to workers at an Amazon warehouse in Laval, Que., a first in Canada.
The majority of the workers at the Laval warehouse signed union cards, which cemented the union’s accreditation.
Before the labour tribunal’s decision was even rendered, Amazon said it would contest any decision approving the union. A hearing has been set for June 10.
(CBC)
Vantage Points: Hear from four founders on the state of Canadian tech
What happens when you bring old and new generations of tech into the same room?
BetaKit has compiled a series of Q&As from an early-stage founder, a scaling founder, a seasoned repeat founder, and a newcomer to the ecosystem who spoke at last week’s BetaKit Town Hall.
MedEssist’s Joella Almeida, who thinks/says…
Why does Cohere co-founder Ivan Zhang believes Canadian tech is great at creating winners, but terrible at keeping them here?
Serial entrepreneur Ali Asaria warns tech about getting lost in its own “bubble” and how the ecosystem can beat the US.
Learn from 22-year-old Jocelyne Murphy, who spoke to the lack of meaningful mentorship for young entrepreneurs, frustrating hiring practices, and how the cost of living gets in the way of innovation.
(BetaKit)
Uber Eats to Buy Foodpanda Taiwan Business From Delivery Hero
Uber is buying Delivery Hero SE’s Foodpanda business in Taiwan for $950 million, shoring up its control of a key Asian market as it seeks to expand in the region.
Uber, whose meal delivery business outperformed globally during the most recent quarter, aims to complete the all-cash deal by the first half of 2025. The acquisition, one of Taiwan’s largest outside of the chip industry, also marks a retreat for Delivery Hero from Asia. Both parties stressed the takeover was contingent on regulatory approval — a potential wrinkle given Uber and Delivery Hero are now the two dominant players in the market.
The best place to aim AI? The mirror
Zoho Canada recently hosted a webinar on the topic of generative AI in business intelligence and how the tool can be deployed to make organizations more data-driven.
The discussion offered four key insights for startups thinking about applying generative AI within their operations, and featured Matt Aslett, director of research, data, and analytics at Information Services Group’s Ventana Research, and Zoho Canada’s Chandrashekar Lalapet Srinivas Prasanna.
(BetaKit)