Fashion company Shein has confidentially filed to go public in the United States, according to two sources familiar with the matter, in what is likely to be one of the most valuable China-founded companies to list in New York.
Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the initial public offering (IPO), and Singapore-based Shein could launch its new share sale some time in 2024, the sources said.
Shein has not determined the size of the deal or the valuation at IPO, the sources said. Bloomberg reported earlier this month it targeted up to $90 billion in the float.
The luxury e-tailer saw modest growth as aspirational luxury consumers cut back on nonessential spending. In its first quarter of the year that ended in September, Mytheresa’s gross merchandise volume — a measure of goods sold on the platform — rose 3 percent year over year to €204 million ($224 million), against a 13 percent increase in the previous quarter.
The company’s profit margins also fell as price-conscious consumers flocked to competitors offering steeper discounts. Mytheresa’s gross profit margins slipped 7 percentage points in the first quarter, and its profits on the basis of adjusted earnings before interest, taxes, depreciation and amortisation dropped more than 100 percent.
Mytheresa said it expects sales and profits for the full fiscal year ending in June to come in at the lower end of its previous guidance, with 8 percent year-over-year sales growth and 3 percent EBITDA profit margins. Investors appeared spooked about Mytheresa’s growth prospects. The company’s stock dropped more than 5 percent following its earnings release.
PlayGround, a Gilbert, AZ-based provider of a healthcare fintech payments platform, raised $19.7M in Series A funding.
The round was led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures.
The company intends to use the funds to bolster its expansion into hospitals and health systems, building on its entry in the ambulatory market, as well as grow its senior leadership team.
Led by CEO Drew Mercer, PayGround provides a healthcare payments platform that streamlines the payment experience for providers and patients. The mobile app enables patients to manage, track and pay all medical bills in one secure place. For medical providers, the modernized payment platform reduces costs, simplifies processes and boosts patient and employer satisfaction.
Lassie has now raised €23 million in Series B funding led by Balderton Capital. Previous investors including Felix Capital, Inventure, Passion Capital and Philian (H&M chair Karl-Johan Persson) also participated in the round. That means Lassie has now raised a total of €36.5 million.
The funding will be used to develop Lassie’s team and products, such as its in-app sale of health products for pets, and expand beyond its core bases of Germany and Sweden. The app features online courses, and other information on preventative health for pets. Owners who complete the courses receive rewards every insurance year, from lower premiums to loyalty points for its online store.
OQC, a Reading, UK-based quantum compute-as-a-service (QCaaS) company, raised $100M in funding.
The round was led by SBI Investment with participation from Oxford Science Enterprises (OSE), University of Tokyo Edge Capital (UTEC), Lansdowne Partners, and OTIF, acted by manager Oxford Investment Consultants (OIC).
The company intends to use the funds to further enhance its R&D sector and its ability to bring enterprise ready quantum to businesses globally.
Online luxury retailer Farfetch's founder José Neves is looking to take the company private after a troubled New York Stock Exchange listing, the Telegraph reported on Tuesday.
Neves is said to be working with advisers at JPMorgan, the report said, adding that he retains a 15% stake but holds 77% of the voting rights through a dual-class share structure.
Shares of the company edged 20% higher following the news. The stock has fallen about 64% so far this year.
Global Content Operations Strategy and Services leader ICP has announced its acquisition of Team 6ix, a UK-based Martech and Content Operations consulting firm. The move joins Team 6ix's highly respected team of martech strategists, consultants and experts with ICP's resources and expertise.
"This marks the start of ICP's next exciting phase of growth," said ICP CEO Christopher Grakal. "The addition of Team 6ix strengthens us at a key moment: global businesses increasingly recognize new opportunities to unlock the full value of their marketing and commerce assets, across their content ecosystem. That means more than just delivering creative martech strategies and solutions. It means dedicating the right people to serve as their partners, as well as the right automation and AI solutions. ICP's people, joined by Team 6ix's, form a world-class team of experts, strategists and solution-builders."
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YFM Equity Partners (YFM) has held the final close of its Buyout Fund III, with £95.5 million of committed funds and a high percentage of new entrepreneurial investors in place.
The fund exceeded its original £80 million target and achieved a first time YFM investor rate of 33%. This close also marks the highest amount raised to-date by a YFM Buyout Fund.
Buyout Fund III will typically invest between £5m and £15m per transaction into businesses with strong growth potential located across the UK regions.
YFM’s latest fundraise success comes during a significant period of growth for the PE firm. The firm now manages funds in excess of £630m.
Black Friday e-commerce spending popped 7.5% from a year earlier, reaching a record $9.8 billion in the U.S., according to an Adobe Analytics report, a further indication that price-conscious consumers want to spend on the best deals and are hunting for those deals online.
“We’ve seen a very strategic consumer emerge over the past year where they’re really trying to take advantage of these marquee days, so that they can maximize on discounts,” said Vivek Pandya, a lead analyst at Adobe Digital Insights.
Black Friday’s spending spike reflects a consumer who is more willing to spend than in 2022, when gas and food prices were painfully high.
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Founded in 2021 by James Kirimy, who previously helped launch Uber’s expansion into the UK and ran its electrification department, DoorFeed aggregates residential properties into portfolios backed by market data for institutional investors.
The DoorFeed platform analyses large volumes of sources to provide insights on things like market value and energy performances to build out property portfolios.
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