company Archives - GO FIND FASHION

Amazon.com on Thursday (Jul 28) said it expects a jump in third-quarter revenue, as the retailer collects bigger fees from Prime loyalty subscriptions and as a fuel surcharge on merchants helps it manage high delivery costs.

Shares of the e-commerce company rose 11 per cent in trading after the bell.

Amazon, like much of the retailer industry, is facing a reckoning. Major rival Walmart Inc this week warned it would make much less this year than it once expected. US consumer confidence has tumbled to a recent low, and some are sticking to lower-priced essentials to manage inflation.

That has not stopped Amazon. The online retailer projected net sales between US$125 billion and US$130 billion for the summer period, while analysts were expecting US$126.42 billion, according to IBES data from Refinitiv.

Chief Executive Andy Jassy said in a press release that the company is “seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year.”

A boost is expected from Amazon’s marketing blitz Prime Day, which took place in July. Amazon said it was the biggest rendition of the event by unit sales.

Still, the rosier-than-expected sales outlook comes at a precarious moment for the Seattle-based retailer. A changing of the guard has heralded the departure of Consumer CEO Dave Clark and corporate affairs head Jay Carney, as well as two of the company‘s most senior Black executives. A period of record profit gave way in the first quarter of 2022 to Amazon’s first quarterly loss in seven years.

Ultimately, Amazon lost US$2 billion in the just-ended second quarter, including a pre-taxe valuation loss of US$3.9 billion from its investment in Rivian Automotive Inc. But the company beat

… Read the rest

SHOPPING

Amazon’s emissions increased dramatically last year despite carbon neutrality goal

August 21, 2022August 21, 2022

by Monica C. Smith

Despite the company’s commitment to decrease its carbon footprint, Amazon’s emissions grew by 18 percent last year, according to the annual sustainability report it released today. While online shopping increased during the pandemic’s second year, the company also rapidly expanded its number of warehousing operations — faster than consumer demand could support. For the entirety of 2021, the company’s activities emitted the equivalent of more than 71.54 million metric tons of carbon dioxide (for comparison, that’s one and a half times the amount the U.S. government emitted in 2019.)

But this figure is undoubtedly a drastic undercount. While Amazon does include carbon-footprint” data-ylk=”slk:emissions” class=”link “emissions from its warehouses and logistics network, as Reveal amazon-drastically-undercounts-its-carbon-footprint/” data-ylk=”slk:reported” class=”link “reported this year, the company employs a sort of loophole. While other retailers, like Walmart and Target, account for pollution related to any goods they sell, Amazon only counts carbon emissions for Amazon-branded products, which make up around one percent of total sales. Third-party sellers (that is, the entities responsible for the other 99 percent of what’s sold through its online marketplace) are left to perform their own carbon emissions accounting independently — regardless of whether those sales are fulfilled through Amazon’s warehousing or not. Many of these businesses, however, likely do not meet the minimum threshold for mandatory emissions reporting

Environmental experts have long voiced concerns over the immense climate toll of Amazon’s operations, especially its rush and two-day shipping options. Despite the lack of progress, Amazon’s goal of reaching net-zero carbon emissions by 2040 was noted in the report.

The company doubled its network of fufillment centers during the pandemic to keep up with the spike in demand, at a rate that outpaced consumer sales. Amazon company-reports-first-quarterly-loss-in-7-years/6550850.html” data-ylk=”slk:reported” class=”link “reported a $3.8 billion net loss in

… Read the rest

FASHION

McLaren will sell US$450 sneakers with push into streetwear

August 8, 2022August 8, 2022

by Monica C. Smith

LONDON: McLaren Group Ltd. is getting into sneakers for the first time as the British luxury carmaker looks to reach more consumers through fashion and streetwear partnerships.

The automaker worked with shoe label Athletic Propulsion Labs on its footwear debut.

The limited-edition line, called HySpeed, are running trainers in five colors infused with design elements from McLaren’s supercars like its seats and aerodynamics, with a carbon fiber plate and nitrogen-infused cushioning.

Executives said the project started from scratch and has been in development for two years.

At US$450 (RM2,005), the line is APL’s most expensive to date and will be sold at its store in Los Angeles and retailers including online luxury shop Net-A-Porter, Italy’s Luisa Via Roma, Hong Kong’s Pedder Group and Level Shoes from the United Arab Emirates.

The HySpeed is McLaren’s latest move in fashion to sell clothing and accessories that drum up hype for the supercar brand.

The company has previously linked with designer labels including Belstaff and Rhude on apparel collections and sells eyewear with sustainable brand SunGod.

“Collaborative licensing relationships are absolutely what we’re trying to do, whether it’s sunglasses, sneakers or streetwear,” mclaren Chief Marketing Officer Gareth Dunsmore said.

The push is about “making sure that we stay culturally relevant,” he said.

McLaren is going through a rough patch, with demand for its supercars lagging due to the pandemic and delays hampering the release of its latest model, the Artura.

Last month, the company said it raised $150 million from shareholders as cash dwindled.

Its shareholders include investment firm Ares Management Corp., Bahrain’s sovereign wealth fund Mumtalakat and Saudi Arabia’s Public Investment Fund.

At the same time, the McLaren name is finding new fans in the vital US market through its Formula One team as the sport gains viewers in North America with

… Read the rest

SHOPPING

Amazon says carbon emissions rose 18% in 2021 as Covid drove upsurge

August 8, 2022August 8, 2022

by Monica C. Smith

Amazon vans line up at a distribution center to pick up packages for delivery on Amazon Prime Day in Orlando, Florida.

Paul Hennessy | NurPhoto | Getty Images

Amazon’s carbon emissions jumped 18% last year, as the company reckoned with a pandemic-driven surge in e-commerce and grew its business to meet that extra demand.

In its annual sustainability report issued Monday, Amazon said its activities emitted the equivalent of 71.54 million metric tons of carbon dioxide in 2021. That’s up 18% from 2020, and an increase of nearly 40% from 2019, the year Amazon first began disclosing its carbon footprint.

Amazon lowered its carbon intensity, which measures emissions per dollar of sales, by 1.9% in 2021, compared with a 16% decline in 2020.

The Covid-19 pandemic led to a massive influx of orders at Amazon and other e-commerce companies. Many consumers, flush with stimulus check money, opted to do their shopping online to avoid risking exposure to the virus.

That wave of demand pushed Amazon to expand its logistics network of delivery vans, planes and trucks. It also rapidly opened new warehouses to process the stream of orders. During the year ended 2021, Amazon doubled the size of the fulfillment network it had built over the previous 25 years, the company said.

The company also added more data centers to support Amazon Web Services, as the pandemic sped up corporations’ shift to the cloud.

Amazon unveiled its “Climate Pledge” in 2019. As part of the plan, the e-commerce giant has committed to be carbon neutral by 2040, and it purchased 100,000 electric delivery vans from Rivian Automotive that it expects to have on the road in the U.S. by 2030. It also launched a $2 billion venture capital fund to invest in new climate technologies, partly so that they

… Read the rest