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Dear Readers,

The three questions on my mind this week:

1. The company on the hot seat this week is The Trade Desk. The Information reported that the company's exclusive DSP relationship with Walmart is no longer. A week later, management could not communicate to investors that Amazon's advertising is not a competitor ($). The news led to a rebuttal, but it's clear that the company is under pressure. Remember the last company that failed to see Amazon as a direct competitor? FedEx, and we all know how it ended.
2. Somewhere in Seattle is a director or leader who is using hope as a strategy. Amazon announced for the umpteenth time that it has a new strategy for grocery. I do not know how grocery shopping will be solved with faster delivery. Will this impact Walmart and Instacart? I think not.
3. ​Fanatics plans to build a loyalty program around sports. Why is this a big deal? This is to grow new verticals such as events and experiences with sports betting and merchandise. Remember when Fanatics was just a vertically integrated platform that sold sports merchandise?

I want to thank all the readers who take the time to reply to this email (I spend a considerable amount of time creating this newsletter) and appreciate any comments, even if you disagree with me. I want you to know that all comments are confidential and are not shared.

If you'd like to help me, please share this newsletter.

​Onwards, Hendrik

Around The World in Marketplaces

Earnings:

​Sea reports 418.3% surge in Q2 2025 earnings to US$414.2 million, on Shopee and Monee’s performance​

​China's JD.com tops quarterly revenue estimates on steady e-commerce demand​

Africa

​Chowdeck raises $9M to launch quick commerce strategy and expand operations. Breadfast secures $10M from EBRD for quick-commerce play in Egypt. Pick n Pay’s Enrico Ferigolli on building asap! and taking on Shoprite.

China

​Pinduoduo restores services with SF Express after recent partnership changes. Alibaba’s Taobao Flash Buy becomes the chief partner of Chengdu All Gamers. Taobao Shangou briefly tops Meituan in daily orders. Smoke grenades, live animals delivered to Hong Kong? How sellers evade the crackdown.

Europe

Wholesale platform Faire expands in Europe. F64 expands VTEX partnership and launches its marketplace. Kaufland launches its marketplace in France [in German]. Uber Eats now also delivers over-the-counter medications in Germany [in German]. MediaMarkt is taking its marketplace to Switzerland and Hungary. Refurbished tech gains traction on Temu as recommerce expands in Europe. Faire expands to 14 additional European countries.

European Commission approves Naspers' acquisition of Just Eat Takeaway.com, subject to conditions.​

India

Flipkart Minutes debuts 'Gourmet' category in Delhi, Mumbai, Bengaluru. Fairdeal raises $3M to expand B2B quick commerce operations. Google introduces Commerce Media Suite to help brands grow marketplace sales in India. Rapido begins testing food delivery to take on Swiggy, Zomato. Udaan’s HoReCa vertical powers 15–18% of Bengaluru biz, Set for multi-city expansion,

Latin America

​99Food resumes operations in São Paulo with R$500 million investment [in Portuguese]. AliExpress adds Mexico to fulfillment network. Shopee announces official Samsung store [[in Portuguese]. Mercado Libre Inmuebles Expands With 1,000 New Agencies in 1H25. Mexico moves to shield furniture from Chinese imports.

.Middle East

​Talabat posts 33% rise in net income to $119M in Q2 2025. Labubu craze grips UAE as noon Minutes sees every drop sell out in ‘hours’.

South East Asia and Australia

Fair Trade Commission Investigates Baemin, Coupang Eats for Market Power Abuse. The Philippines’ largest e-commerce enabler, Great Deals E-Commerce., announced record-breaking revenues. How Grab and Shopee’s apps drive ROI: AI in ads accelerate discovery to decision.

​Fanatics loses trademark appeal to sell branded NFL, NBA, MLB, and NHL apparel in Australia. Amazon launches Haul into Australia. AliExpress launches price match guarantee in Australia.

US

Poshmark Founder and CEO Manish Chandra steps down. StubHub IPO is back on for September. Update on Amazon Handmade reclassification project. eBay inserts refurbished call to action on new & used electronics listings. Walmart adds Vietnam-to-US ocean shipping lane for sellers. StockX and Walmart team to drop sold-out Labubus for eight days straight. Whaleco succeeds in bid to arbitrate Temu data-collection claims.

​McDonald’s and DoorDash expand global partnership with new online ordering experience in the U.S. Massive class action alleges Amazon forced anti-discount policy on merchants. eBay launches seller tools to save time, boost profits, and build trust.

Luxury Commerce

This economy is ripe for fake and copycat luxury goods. Zalando does not want to accommodate the remaining About You shareholders. [in German]. Bvlgari, Chanel, Sabyasachi — why India’s rich now shop luxury from home. eBay returns to fashion month with pre-loved runway shows in New York and London.

​Clinique Launches in the Amazon.com.mx Premium Beauty Store. Luxury markets on the decline in Eastern Europe. Luxury brand Fabergé sold to tech investor for $50M. Luxury brand Kimirica attracts $15M.​

​LuisaViaRoma: Is a restructuring process imminent? [in German] Bag charms selling for $1,000 are retail's next little luxury

Fashion and Beauty e-commerce

Nordstrom brings on Nike for latest pop-up. How Oh Polly evolved from a single eBay store to the UK’s fastest-growing fashion brand. Gildan and HanesBrands Agree to Combine To Create a Global Basic Apparel Leader. Ulta, Target call off shop-in-shop partnership; Ulta Marketplace arriving later this year. Nike's brand owner in Brazil aligns with Beaverton’s renewed focus on wholesale.

Fast fashion retailer Shein's UK sales surged to $2.8 billion in 2024. Sally Beauty's e-commerce sales hit 11% of net sales. iimpro introduces ‘buzz-worthy’ new jewellery marketplace. Selling Jewelry on SHEIN: A Small-Town Enterprise Earns Tens of Millions Annually via Cross-Border E-commerce.

AI and Commerce

The $1T Opportunity to Build the Next Amazon in Retail - Sequoia

Early and seed-stage investor Konstantine Buhler from Sequoia writes an essay on the impact that technology has had on retail over the past 200+ years. He believes that AI-based commerce's total addressable market size (TAM) is larger than Amazon's current market capitalization. At least it's better than A16z's AixCommerce post. There is a large world outside the US and the Bay Area.

​Amazon’s invisible AI edge. Gen AI is coming for online checkout in a seismic shift for internet shopping. MetaFyAI launches commerce-focused generative AI suite. 1998 E-Commerce Report: A wake-up call for the age of AI-driven commerce. Product won't end at chat.

​Topline Pro raises $27M in Series B funding for home services AI engine. Evertune $15M Series A Raise unlocks the future of marketing in AI. Graas.ai raises $9M pre-Series B round to launch agent foundry for e-commerce automation. Drivepoint raises $9M in funding. Refold AI raises $6.5M to scale autonomous enterprise integration agents. Furniture.com adds seamless multi-brand checkout with new Firmly partnership.

​Sourcy’s AI gives small brands a shot at Shein scale. Alibaba International releases an AI agent for global trade. Fluent. adds Authentic Brands Group to partner network, powering post-purchase monetization across brand portfolio. Google pushes AI into flight deals as antitrust scrutiny, competition heat up.

Advertising

Google Ads tests horizontal line above Sponsored Results. Google taps large language models to cut invalid ad traffic by 40%. The Trade Desk claps back at reports that Walmart Is pulling back: ‘We’re Fully Committed.’ The Trade Desk and Walmart Connect partnership goes from strength to strength. Walmart broadens DSP partnerships beyond The Trade Desk.

​From boyband to buy button: how Samsung Ads is turning TV into retail’s next big channel. As Tariffs Hit, Big Companies Double Down on Marketing.

​AppsFlyer in advanced talks to be acquired at over $3.5 billion valuation. Australian AdTech innovator Cuttable secures $4.5M in seed funding​

Logistics is sponsored by Third Person - a new way for brands to discover 3PLs

InPost say 115 million parcels processed through UK lockers. USPS reveals 2025 peak season rate hikes. A UPS-USPS reunion may be in the works for Ground Saver last-mile delivery. E-commerce, geopolitics, and nearshoring reshuffled cargo airport rankings. Flexport ups monthly minimum fee for fulfillment customers. FedEx, UPS, DHL executives to face fresh scrutiny in India antitrust case.

​GoodShip raises $25M to accelerate the AI era of freight management. DCL Logistics launches SelectShip, an AI-powered shipping engine. Ninja Van said to halve valuation to $1b.

​DHL to invest $744M and install more than 1,000 extra robots to meet growing demand. Crocs Invests $80M in Nevada for US E-Commerce HubMayple, Emirates Courier Express partner for cross-border delivery. Fulfilment Bridge partners with Royal Mail on cross-border logistics corridor

Consumer

​Woolworths takes Aussie groceries to Hong Kong. M&S resumes click and collect in the UK. Walmart pledges $6B investment in Mexico to boost local production. Mixed results for Carrefour in Italy and Brazil. How Kellanova’s Jenn Carkner plans to reignite cereal category growth across Europe.

How Bottle Nexus is Shaping the Future of Alcohol e-Commerce in the US. Funko turns to layoffs, price increases to battle tariffs. Hydro Flask, Osprey owner doubles down on Southeast Asia sourcing. Trump’s India tariffs rattle the home industry.

​Amylu Foods receives investment from TowerBrook Capital Partners and Prelude Growth Partners. Israeli startup Xpand raises $6M to launch autonomous retail stores worldwide. Why Scalp Care Is the Next CPG Growth Frontier. Announcing Augmodo’s Series A: Conversation with Ross Finman, CEO of Augmodo, and Isabelle Phelps, Partner at Lerer Hippeau.

Payments

​BharatPe set to raise $80-100M pre-IPO round led by Coatue. Footwork leads the Series A in the AI financial operating system for consumer brands.. Google adds 3 new ways to make web payments easier. Mexican retailers and e-commerce platforms launch debit cards. Huma, Arf, and Geoswift launch same-day settlement for marketplace sellers worldwide.

Tackling e-commerce fraud: How Allianz Trade pay protects B2B transactions. PayPay announces confidential submission of draft registration statement on Form F-1 for proposed public listing in the United States.

Stats and Other Interesting News

Türkiye’s e-commerce sector is an engine of economic growth and trade. Why Retail Openings Outpacing Closures Isn't the Full Story. eCommerce Summer 2025 in Romania.

The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. The content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.

This was edition number 325, sent on 17 August 2025.