Look at last week developments in Fashion & Beauty ecommerce space ???? July W1 2024

Look at last week developments in Fashion & Beauty ecommerce space
???? July W1 2024

???????? Zalando counters Shein with new logistics strategy
Zalando and About You react to the success of Shein and Temu's direct delivery model. About You will offer items directly from factories. Zalando relies on its logistics network. Shein reported $45B sales, Temu's parent $37B in 2023.

???????? Vinted slapped with $2.6M fine over data breaches
Lithuania fines Vinted $2.6M for mishandling user data, following complaints from France and Poland. The company denies the charges and plans to appeal, arguing the fine exceeds current legislation and industry standards.

???????? La Redoute CEO to resign end of July
Philippe Berlan, CEO of France's La Redoute, will resign at the end of July. He has been with the company since 2012 and became CEO in March 2022. An interim CEO will be appointed until a successor is found.

???????? ThredUp and Savers face 29% decline in sales
The U.S. secondhand apparel market hit $43B in 2023 and is expected to grow 11% annually through 2028. Despite this, companies like ThredUp and Savers face profitability challenges, with both seeing around a 29% decline in sales this year.

???????? Benetton restructures, aiming to save jobs
Benetton, led by CEO Claudio Sforza, plans a restructuring to preserve jobs. They're negotiating with trade unions to cut working hours by 40% for 1,000 employees. Unions propose a 20% cut instead.

~~~

✍️ Did we miss any key news? What surprised you the most?
♻️ Reshare if this resonates with you.
???? To never miss insights like this subscribe to MarketMaze. Link in bio
#ecommerce #marketplace #fashion #beauty