Who else is in disbelief that it’s already May? It’s really feeling like we’re in a bizarre, unfit-for-TV episode of The Twilight Zone these days.
On to the news: There’s a lot to cover in today’s ECF News Cart. From Amazon under fire for allegedly misleading Congress to major layoffs at Airbnb, there is a lot going on in the industry right now.
It was a big week for Shopify who, along with its merchants, saw very strong growth amid COVID-19. It also released a new mobile app last week dubbed ‘Shop’, which has the potential to be a major destination for shoppers going forward.
Enjoy the headlines below!
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In the News
Shopify Launches New Mobile Shopping App Dubbed ‘Shop’
- Allows people to browse, get customized recommendations and explore products from local merchants
- Designed to be an advertising-free experience
Shopify Announces Strong Q1 Financial Results
- Newly created stores surged 62% from Mar 13 – April 24 compared to the prior six week period
- Over 94% of lost point-of-sale revenue was recovered by merchants pivoting online
- Shopify stock has more than doubled since April 1
House Judiciary Committee asks Jeff Bezos to testify about whether Amazon misled Congress
- Democratic leaders suspect Amazon of lying to Congress regarding its private label strategy
- “If the reporting in the Wall Street Journal article is accurate, then statements Amazon made to the Committee about the company’s business practices appear to be misleading, and possibly criminally false or perjurious,”
Airbnb cuts 1,900 jobs, 25% of the company’s workforce
- Airbnb reports it was allocating $250 million to help offset host losses
- The company suspended marketing in March to save $800 million in 2020
J.Crew has filed for bankruptcy
- First major retailer to file for bankruptcy since COVID-19 outbreak
- The company had filed for an IPO in September 2019
The iconic brands that could disappear because of coronavirus
- More than 100,000 stores could close up for good by the end of 2025 according to UBS
- Neiman Marcus, Macy’s, Belk, J.C. Penney and Gap among companies discussed
People are Panic-Buying Meat, Toilet Paper…and Pelotons?
- Peloton’s stock has skyrocketed by 95% since March and its revenue increased by 66% in the first three months of 2020
- 1.1 million people signed up for Peloton’s digital-only free trials in March and April
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