SHEIN has completed a nearly 2 billion US dollar financing delivery; GEEK+ has become an Amazon SPN service provider
SHEIN received 2 billion USD financing; GEEK+ is now an Amazon SPN provider
1. SHEIN completes the delivery of nearly 2 billion US dollars in the latest round of financing
On May 19th, it was reported that SHEIN, a Chinese cross-border fast fashion e-commerce company, is currently in the latest round of financing, and the first batch of nearly 2 billion US dollars in financing has been delivered, bringing in two Middle Eastern sovereign funds. The second batch of investors is expected to join in the future few weeks, and there will be new strategic shareholders joining.
Insiders close to the transaction revealed that the first batch of delivery shareholders include leading investor Sequoia China, Atlantic Investment, Abu Dhabi sovereign wealth fund Mubadala Investment Company, and SHEIN Latin America business chairman Marcelo Claure, D1 Capital, a US hedge fund, and the Saudi sovereign wealth fund. Two Middle Eastern sovereign funds are new shareholders. The second batch of delivery shareholders may include influential investment institutions in other regions.
The main use of this round of financing is to build infrastructure for the global market and to respond to future competition. The new financing also allows SHEIN to introduce capital from several of the world’s most important markets, including the United States, South America, and the Middle East.
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2. Rabbico International officially joins Amazon SPN Service Provider Network
On May 19th, in order to better help cross-border sellers enter the international market and carry out business, Rabbico International officially joined the Amazon SPN Service Provider Network. Sellers can quickly contact the official through the web version and WeChat mini program of the Amazon SPN Service Provider Network.
At present, Rabbico International’s logistics services have covered a total of 14 Amazon sites: the United States, Canada, the United Kingdom, France, Italy, Spain, the Netherlands, the United Arab Emirates, Japan, Singapore, Mexico, Brazil, Germany, and Saudi Arabia.
Source: Jitu International Subscription Account
3. Ningbo Airport opens Dubai all-cargo flight for the first time
On May 19, a Boeing 767F cargo plane carrying 41 tons of cargo successfully took off from Ningbo Airport to Dubai. This is the first all-cargo flight from Ningbo Airport to Dubai since its opening. It is also the fourth all-cargo flight opened by Ningbo Airport this year after the “Ningbo-Bangkok”, “Ningbo-Hanoi” and “Ningbo-Liège-Reykjavik” cargo routes.
It is reported that the route is operated by SF Airlines and is scheduled to operate 1-3 times a week. The first flight mainly carried textiles, electronic products, mechanical parts, daily necessities and other goods, and plans to carry seasonal fruits such as bayberry and lychee to the Middle East in the later stage.
Source: Civil Aviation News
4. YTO Cargo Airlines’ “Nanning-Lahore” regular cargo flight successfully made its maiden voyage
On May 19, YTO Cargo Airlines’ YG9147 flight successfully landed at Lahore Iqbal International Airport. Half an hour later, after the ground support personnel operated intensively, nearly 30 tons of clothing fabrics, industrial raw materials, and electronic components were unloaded from the main cargo door one by one. Afterwards, the cargo hold was filled with high-quality agricultural products in Pakistan, and returned to China, marking the successful maiden voyage of YTO Cargo Airlines’ “Nanning-Lahore” regular cargo flight. The subsequent routes will operate four times a week to and from the two cities, and will increase the frequency as appropriate based on operational conditions.
Source: YTO Express
5. China Post Airlines’ Zhengzhou-Seoul cargo route resumes operation
On May 19th, it was announced that a Boeing 737-800F all-cargo aircraft operated by China Postal Airlines took off from Zhengzhou Airport, marking the restart of the Zhengzhou to Seoul cargo route by China Postal Airlines. It is said that the Zhengzhou to Seoul cargo route is a key air freight expressway built by the Henan Airport Group. The route is jointly operated by China Postal Airlines, Zhongyuan Longhao Airlines, UPS Airlines, Incheon Airlines, and Korean Air, with a total of 15 flights per week. Currently, the chartered route mainly carries cross-border e-commerce and international mail cargo, with plans to operate three flights per week.
Source: Dahe Finance
6. CMA CGM launches new cargo route between Paris and Mumbai
On May 19th, CMA CGM Air Cargo launched a new cargo route between Paris, France and Mumbai, India, as part of its partnership with Air France KLM Martinair Cargo. CMA CGM Air Cargo stated that it will operate four weekly flights on this route using A330F aircraft.
Source: aircargo news
7. Canada Post forecasts pre-tax loss of CAD 548 million in 2022
On May 19th, it was announced that Canada Post expects to incur a pre-tax loss of CAD 548 million in 2022, due to increased competition in the parcel delivery industry, combined with economic uncertainty and reduced consumer spending, which has affected the company’s business volume and revenue.
The company had a pre-tax loss of CAD 490 million in 2021, and the loss is expected to increase by CAD 58 million in 2022. Total revenue decreased by CAD 167 million compared to the previous year, a decrease of 1.9%. Although parcel revenue has been declining since 2021, the revenue of the business segment is higher than before the outbreak of the COVID-19 epidemic by 2022. Transactional mail volume continued to decline, while direct sales revenue and sales volume slowly recovered from the previous year.
Source: State Post Bureau
8. Shopee’s Q1 revenue was USD 2.1 billion, up 36.3% YoY
On May 19th, Sea, the parent company of Shopee, released its Q1 2023 financial report. The report showed that in the e-commerce business, Shopee’s Q1 revenue was USD 2.1 billion, up 36.3% YoY. Among them, the revenue from the e-commerce market contributed USD 1.8 billion to Sea, up 45.5% YoY.
In terms of revenue from the e-commerce market, the core market revenue composed of transaction commissions and advertising revenue increased by 54.3% YoY to USD 1.2 billion; Value-added service revenue, which is related to logistics services, increased by 32.6% YoY to USD 700 million.
Source: E-commerce News
9. eBay reaches final agreement on acquiring Certilogo
On May 19th, eBay and Certilogo announced that eBay has signed the final agreement to acquire Certilogo. It is understood that Certilogo is a provider of digital IDs and authentication for AI clothing and fashion products. The platform uses digital technology to enable brands and designers to manage the lifecycle of their clothing, while providing consumers with a seamless way to verify authenticity, obtain reliable information about branded products, and easily activate circular services.
This acquisition further consolidates eBay’s position as a platform for second-hand fashion and shopping, marking its significant investment in the growing second-hand fashion category. After signing the final agreement, the transaction needs to meet customary conditions, including regulatory approvals, and is expected to be completed in the third quarter.
WeChat Official Account: Cross-Border E-commerce Logistics Master
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