The News In Brief
Shopify Surges After Third Quarter Revenue Beats Estimates
The company saw its stock jump nearly 14 percent after reporting stronger-than-expected third-quarter sales, signalling growing momentum as more consumers shift spending from brick-and-mortar stores to e-commerce.
Alibaba, JD Tout Singles’ Day Highs While China Economy Sags
Independent tracker Syntun estimates transactions across all e-tailers in the weeks running up to the shopping festival rose 27 percent, but many platforms started promotions much earlier than usual this year.
Groupe Dynamite Aims for $1.7 Billion Valuation in Canadian IPO
The company seeks to raise C$300 million in its Canadian IPO, positioning CEO Andrew Lutfy for a potential $1.7 billion valuation and billionaire status.
Moncler Not in Talks to Take Over Burberry, Sources Say
Burberry CEO Joshua Schulman is expected to announce a strategy update after the brand suffered significant sales declines when it reports results on Thursday.
Vietnam Says Temu, Shein Must Register With Government or Be Blocked
The country has given Shein and Temu until November’s end to register with the government or face a ban, citing market and regulatory concerns.
British Hairdressing Icon Trevor Sorbie Has Died
Sorbie was one of the British hairdressing industry’s most recognisable names, having created some of the ‘80s and ‘70s most iconic looks.
Meta’s Zuckerberg Not Liable in Lawsuits Over Social Media Harm to Children
A judge ruled Meta CEO Mark Zuckerberg isn’t personally liable in lawsuits claiming the company addicted children to social media, citing lack of evidence.
Temu Faces Second EU Probe for Misleading Sales Practices
Temu faces potential fines for breaching EU consumer protection laws, including misleading practices like fake discounts and reviews, amid broader scrutiny over its business practices in the region.
Vuori Raises Investment at a $5.5 Billion Valuation
Californian activewear brand Vuori announced an $825 million investment led by General Atlantic and Stripes.
Louis Bacon’s $203 Million Court Win Against Peter Nygard Tossed
A New York appeals court overturned Bacon’s defamation judgment against Nygard, ruling that Nygard wasn’t properly served court papers while incarcerated for sexual assault.
Olaplex Lowers Fiscal-Year Outlook
The brand’s 2024 sales projection has decreased, complicating a larger turnaround plan.
Kenvue’s Weak Sales Give Power to Activist Push
The company reported weaker-than-expected sales growth, primarily due to a slowdown in its skin health and beauty segment.