Japan-based online marketplace Rakuten is leading a $100 million investment in social network Pinterest, with participation from existing investors Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital, as well as a number of angel investors. The funding marks the start of a strategic partnership between Rakuten and Pinterest to help the network expand in Japan and into Rakuten’s 17 other global markets.
Multichannel retailer White Stuff has announced a raft of managerial appointments that see Moss Bros chairman Debbie Hewitt join as chairman; Nick Mather join as chief financial officer from La Senza; former House of Fraser director of merchandising Jo Penny appointed merchandising director; Antonia Long, who has held roles at House of Fraser, Coast and Oasis is made buying and design director, while Ian McMillan is named IT director, joining from the Change Management Group. White Stuff also revealed that Katie Grassby has stepped down from the overall leadership of the buying and design function to become style director, while Vince Gwilliam steps down as chairman to take on a senior nonexecutive role. Richard Steele, currently finance director, leaves the company at the end of June. Led by chief executive Sally Bailey, White Stuff plans to open at least six new shops in the next financial year, as well as pursue international opportunities.
French Connection has issued a profits warning after group revenue in the first three months of the financial year was 9.5 percent below the level achieved in the same period last year, heavily dented by disappointing sales volumes in the UK/Europe division. Sales in the UK/Europe retail division were 10 percent below last year in total and 12 percent lower on a like-for-like basis. The company is in the midst of a review of its UK and European retail operations having appointed external advisors to support the management team in the process.
Sainsbury's has launched a mobile version of its online groceries shopping website, enabling consumers to have full access to all Sainsbury's products from their phones and handheld devices. In addition, with Sainsbury's click and collect service, customers can place a non-food order using their mobile phone by 2pm on a weekday for next day delivery and collection from one of its 870-strong store network.
Some 2,800 Clinton Cards employees are likely to lose their jobs as the administrator announces store closures. The Guardian writes that a decision has been made to shutter 350 Birthday stores.
Yell has taken a step forward in its strategy to create a “local emarketplace” with the acquisition of web design and shop-building tools provider Moonfruit for approximately $28.8 million. Yell is acquiring Moonfruit’s technology as well as its technical and design teams. Moonfruit.com will remain a sub-brand. Nearly five million websites and 230,000 online shops, mainly in the UK and US, have been created using Moonfruit.com technology.
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This is a clear indication that Pinterest is heading into a path where they will monetize via e-commerce.
Seamus Whittingham, EMEA managing director at ecommerce expert ChannelAdvisor., the author of the comment is: Seamus Whittingham and posted this comment on the 18/05/2012 10:06:42" class="MXW_disabled">Report this comment >