Zanui enters voluntary administration and Shopify’s shares drop due to global expansion. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.
Zanui Enters Voluntary Administration
Australian homeware and furniture marketplace, Zanui, has entered voluntary administration. The marketplace has appointed KPMG as the administrator after documents were filed with Australian Securities & Investments Commission. “It’s early days in the administration process but I confidently anticipate that we will be seeking urgent expressions of interest from parties to acquire the business,” explained Gayle Dickerson in a statement, one of the partners in the administration. There has been no statement made from Zanui at the time of publication, however, the retailer is currently ‘unable to process any orders, returns, credits or refunds’. Read the full story here.
Russell Zimmermann Retires from ARA
Longstanding Australian Retailers Association boss Russell Zimmerman is stepping down as CEO, as a newly focused ARA featuring more major Australian retailers as members was presented to the public. Zimmerman will stay on as CEO to manage the transition to a successor, with a search process for the new CEO to commence as soon as practicable. “I have enjoyed leading this great organisation in an industry that touches millions of Australian lives and which is a pillar of the Australian economy,” said Zimmerman. “I am looking forward to a new chapter and fresh challenges in my professional career.” You can find more about his retirement here.
Shopify Shares Drop Following Global Expansion
Shopify has announced that it has hit one million merchants across the globe. However, in its latest Q3 report, Shopify’s shares have dropped due to international gain. Due to this explosive growth, its shares fell seven per cent which is not surprising as its aggressive approach to globalisation can hit hard for unicorn companies. Shopify’s “million merchant milestone should be lauded not only for the achievement by a steadfast management team with customer-first objectives but for its consistent financial execution all the way up,” explained Mark Zgutowicz of Rosenblatt Securities. You can read more here.
Catch up on yesterday’s Freshly Squeezed news here.
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