AMAZON REACHES $1 TRILLION
A few weeks ago, we talked about Amazon's proximity to the trillion dollar mark. Now the digital behemoth has crossed the symbolic milestone, following Apple as the second US company to reach a trillion dollar valuation.
Amazon controls about half of the e-commerce market (a tenth of retail overall). The company has prioritized growth over profitability, taking the green light from shareholders and foregoing the pressures that plague traditional retailers.
J. CREW ❤️ AMAZON
J. Crew is the latest brand to join Amazon, alongside Nike and Party City. A limited selection of products will be offered from the in-house Mercantile line. The wallet-friendly brand will also have media, such as videos and photos, to help Amazon create the brand page and an authentic experience for shoppers.
BURBERRY'S RETAIL REVELATION
Building out its responsibility agenda, Burberry has a strategy for the next four years. The fashion house is putting an end to the practice of destroying excess inventory. Moreover, the usage of real fur will also cease, and existing real fur products will be phased out.
MORE INSTAGRAM SHOPPING
Facebook-owned Instagram is working on a standalone shopping app, which may be called IG Shopping. Given the growing success of shoppable IG posts, implementation of an outside app would likely resonate with retailers.
Instagram shopping would build off of the existing e-commerce features. Currently, retailers may tag various products within a post and direct users to the merchant's website. The potential development will most likely cut steps out of the sales process by allowing shoppers to purchase within the app.
NIKE GETS RISKY
Nike's latest ad campaign featuring quarterback-turned-activist Colin Kaepernick has led to a $3.4 billion drop in its market capitalization. However, the media exposure from the campaign is valued at more than $163 million. Stay tuned for the longer-term retail impact as Nike takes controversial stances.
THIS WEEK'S BRIGHT SPOT
Ronnie Fieg of Kith, an influential multi-brand streetwear store, will kick off fashion week this year with a laundry list of collaborations. On the roster is Versace, Tommy Hilfiger, Greg Lauren, and more. The designer partnerships are inspiring, as streetwear takes on new levels in the fashion industry.