Freshly Squeezed: 14.08.19

Ally Feiam By Ally Feiam | 14 Aug 2019

Pinterest opens its first Australian office and JD.com experiences an unexpected net profit raise. Get a healthy dose of news as we uncover the day’s top stories in E-commerce.

Avenue Liquidates

Women’s apparel line, Avenue, is planning to close all of its US stores and liquidate, according to reports. Although the company has announced the closure of its stores, staff have been told to not accept returns from customers or sell gift cards. The plus-size womenswear brand names the changing customer habits and rise in e-commerce retailers as contributing factors to the store’s liquidation. “We remain focused on Avenue as a retail destination for style-minded, plus-size women,” said a statement.

JD.com Reports Record-Breaking Net Profits

The Chinese e-commerce platform, JD.com. has seen its net revenue jump 23 per cent since last year, now sitting at $90.7 billion and a revenue of $22 billion. As one of the largest e-commerce platforms in the world, its shares rose by eight per cent since its announcement about the profit. “JD’s commitment to bringing users the best overall shopping experience continues to win over consumer mindshare,” explained Richard Liu, JD’s CEO. “We will remain focused on leveraging technology and innovation to enhance our offerings, increase efficiency and drive shareholder value for the long term.”

Pinterest Opens First Aussie Office

Social media platform, Pinterest, has unveiled its new Aussie digs in Sydney. Operated by a small team with Country Manager, Carin Lee-Skelton, the platform will pull focus to its Australian audience. “I’m excited to work closely with businesses of all sizes in Australia and New Zealand to help them reach their audiences on Pinterest,” said Ms Lee-Skelton. “People go on Pinterest to try new things like outfit ideas, recipes, beauty looks, dream trips and even home remodels. As people come to Pinterest full of intent, businesses have a unique opportunity to inspire them to bring their ideas to life.”

Pinterest has begun building a team with local advertisers in industries including retail, home, beauty and technology. They have also begun partnering with brands including Myer, Domain and Woolworths. “Over the past year, we’ve been meeting growing advertiser demand by scaling our teams where we’ve launched ads such as in Australia and New Zealand, as well as expanding our ads business into new markets,” said Jon Kaplan, Global Head of Sales at Pinterest. “With Carin’s proven industry knowledge and years of experience driving results for brands on Pinterest, we’re looking forward to further developing the opportunities for businesses in Australia and New Zealand with a local team under her leadership.”

Payright Wins Gold Stevie Award

Australian BNPL platform, Payright, has been recognised with the Gold Stevie Award at the 2019 International Business Awards. Amongst 4,000 nominees, Payright won the award in the Financial Services category for Small Company / Organisation of the Year. “Payright is thrilled to be globally recognised by the Stevie Awards and truly honoured to accept a prized Gold Stevie® Award. Winning this award is a huge privilege and this recognition is a testament to the entire team for all the work they continue to do to take Payright to the next level. The way consumers pay for their products and services is changing and we are proud to be able to offer a service that is resonating highly with our merchant partners and their customers,” said Co-CEOs, Myles and Piers Redward.

Stevie Award winners are judged by more than 250 executives worldwide. “The documented in the nominations from 74 nations, the Stevie Awards are proud to honour organisations that demonstrate a high level of achievement in a variety of industries. We received more nominations than ever and look forward to honouring the Stevie winners at our gala in Vienna, Austria this October,” said Michael Gallagher, the President and Founder of the Stevie Awards.

Catch up on yesterday’s Freshly Squeezed news here.

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