Asos has seen its share prices dive 5.3 per cent following a US supreme court ruling that threatens to dent its margins. This morning a ruling which allowed pure-play online retailers to avoid sales tax in the US was overturned by the supreme court, meaning that despite being listed in London states have the right to impose a tax on Asos’ sales.
Retailers may have to start checking whether online reviews are from genuine under new guidelines from the British Standards Institution. An estimated £23 billion of spending is thought to be influenced by consumer reviews every year in the UK, but concerns have been raised by the Competition Markets Authority (CMA) over the influence of fake review. In response the BSI has published a new standard, dubbed ISO 20488, for retailers and other companies to ensure the validity of online reviews
Trouva, the UK-based curated online marketplace for independent bricks-and-mortar retailers, has taken formally launched in Germany in its first step to global expansion today. Just as it does in the UK, Trouva will be offering independent retailers based in Berlin an online customer base through its marketplace, as well as in-store technology such as inventory management software, real-time logistics platform and AI machine learning.
Amazon has cracked down on tens of thousands of products from overseas sellers who don’t charge or account for VAT. According to The Times , the online retailer banned thousands of overseas sellers from its platform over the weekend which were thought to be guilty of tax evasion, following a voluntary deal with HMRC. In the last year an estimated £1.5 billion has been lost in unpaid VAT tax from online sellers, according to the National Audit Office.
China’s largest retailer JD.com has launched a $550 million (£414 million) partnership with Google which will see the former sell products through Google Shipping across the world. Under the new partnership the pair will pool their monumental technological resources to develop the “next generation” of retail solutions
Etsy has seen its shares hit record highs following an announcement it would drive up the commission it takes from its sellers. The online marketplace, which specialises in selling homemade and independent goods, saw its share prices jump 35 per cent following the announcement
Luxury online fashion retailer Yoox Net-A-Porter (YNAP) has edged closer to being absorbed by Richemont after its board of directors gives the green light.
Congratulations on the launch of Houzz Shop in the UK! We’re very excited! Houzz focuses on creating the best home renovation and design experience by bringing everything people need to improve their homes together under one roof. With the Houzz Shop in the UK, people can discover, learn about, and now buy all the products and materials to complete their home projects directly on Houzz. We already have more than 100,000 products and materials from over 2500 sellers from across Europe for purchase directly on the Houzz site and app, and we’re adding more
Yoox Net-a-Porter Group’s surge in full-year revenues allowed it to record an uptick in annual profits across all of its markets, including the UK despite the devaluation of the pound against the euro. YNAP’s UK net revenue increased 13.7 per cent to €286.8 million (£257.1 million) on a reported basis in its financial year ending December 31.
A growing customer base and investment in technology has helped flash sales retailer MySale to record a surge in profits and revenues in its half-year results. The Australian-based online retailer, which also trades in New Zealand, south-east Asia and the UK, saw revenue spike by 11 per cent from AUD $137.7 million to AUD $151.9 million (£85.1 million) in the six month period ending December 31. Gross profit also surged 19 per cent from $38.4 million to $45.6 million (£25.5 million), and underlying EBITDA skyrocketc 80 per cent from $3 million to $5.5 million (£3 million).