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Dear Readers,

The three things on my mind this week:

1. Pattern has filed for an initial public offering (S1 here) and reported 35% growth in revenue over the first half of 2025. However, their net income from December 2023 to June 2025 fluctuated between 3% and 4.1% of revenue. Why is this going public and reportedly wanting to raise up to $400M? PE investors likely want an exit. This reminds me a lot of Pharmapacks and the challenges it faced.
2. How will Amazon counter agentic commerce? I have had this question on my mind. The answer is supposedly helping brands source their goods in markets such as India. End-to-end solutions will negate the lack of defensibility from their marketplace, but the supply chain is a big hedge against agents.
3. What are the unintended consequences of the US tariffs? European postal services are suspending parcel services to the US. We are going to see sectors such as apparel, home decor, and others struggle with costs.

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 to help me grow my list.

​Onwards, Hendrik

Around The World in Marketplaces

10 e-commerce players with valuations over $100 billion [in German]

Africa

​Threat to Temu and Shein in South Africa (hello Consumer Goods and Service Ombud). Etsy closes accounts in Kenya, Nigeria, and other African markets due to payments.

China

​JD.com confirms acquisition of Hong Kong supermarket chain Kai Bo to strengthen fresh produce market. AliExpress to launch Mini Labubu globally. Alibaba, Ant combine forces to take on Meituan in China’s instant commerce market.

​Amazon launches new central China initiative to help thousands of firms sell overseas.

Europe

​TikTok Shop launches third-party fulfillment service for German retailers [in German]. Joybuy live in France, Germany coming soon. China EV Marketplace allows customers to order EVs directly from China.

​DoorDash's planned takeover of Deliveroo to be reviewed under EU's simplified merger procedure. UK class action takes aim at Amazon’s pricing practices. EU measures against cheap imports from Temu or Shein are insufficient, say shoemakers.

​Wildberries signs agreement to advance entrepreneurship in Kyrgyzstan.Chinese marketplace JD.com to roll out Kazakh and Russian language versions this year. Russia circumvents sanctions through Chinese marketplaces.

India

​Eyeing leadership in quick commerce, it won't hold back investments: Amazon India Country Manager. Coupang expands presence in India. BigBasket pulls plug on Fresho stores, doubles down on quick-commerce pivot. Flipkart expands in Tripura with its first grocery fulfillment center. Marriott to Let Indian Shoppers Earn Bonvoy Points at Flipkart. Quick commerce investments in Flipkart, Myntra pressure Walmart International’s profit margins.

​Amazon lobbies Indian government to exempt exports from foreign investment rules, sources say.
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Latin America

​DiDi and Keeta are in a legal battle over Brazil's food delivery. Sea steps up Brazil push with new lending licenses.. China’s biggest delivery app brings its disruptive playbook to Brazil. iFood announces partnership with Mottu to encourage delivery drivers [in Portuguese].

​Mexico’s 33.5% tariff on Chinese imports expected to fuel SMEs. Rappi secures $100M in financing on its 10th Year in Mexico. Volkswagen opens official Mercado Libre store in Mexico. The CPG Guys: Mercado Libre's Sean Summers [podcast[.

​Frontier Digital Ventures resumes investigation into fund misappropriation.

Middle East

​JD.com opens a new warehouse in the UAE.

South East Asia and Australia

​Grab, Lazada toss out gambling ads in PH after regulatory order. eBay Ventures invests $4M in A1 Media Group. Competition over the leadership of the South Korean quick commerce market is intensifying. E-commerce growth polarizes in South Korea as Coupang flourishes while others falter Shopee rolls out accelerator program for Filipino MSMEs. Carlsberg Asia partners with Meituan, Grab, and Delivery Hero. Supermarkets and Coupang slug it out in a competitive flower crab price war.

US

​Best Buy launches digital marketplace. Is FBA running out of room already? Walmart axes small sellers to attract big brands, fueling antitrust worries. eBay launches free returns for Vehicle Parts & Accessories. Hertz to sell used vehicles online through Amazon Autos partnership. Wayfair CFO says sellers on the company’s $12 billion marketplace are trying to ‘insulate’ customers from tariffs. Now 10 Years in, Amazon Business Surpasses 8M Customers. Skittles launches spicy gummies exclusively on TikTok shop.

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One big Thought

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Another Marketplace

Best Buy has announced its new marketplace that will offer 2x the product assortment. Does this lead to success? Mirakl wins but Best Buy needs scale to generate the return oninvestment made.

Luxury Commerce

Luxury Has Lost the Plot — and These Brands Are Picking Up the Slack. - Business of Fashion ($)

Emerging labels like Kallmeyer, TWP and Studio Nicholson are capturing high-spending shoppers with premium quality at accessible prices, forcing the industry to rethink what luxury means in 2025.

​2024 D2C shift and investment hit Manolo Blahnik sales and profits, but the brand hails 2025 strength. Estee Lauder forecasts profit below estimates, warns of $100 million tariff hit.

​Luxury platform Balaan taps family office AAK as conditional buyer. The RealReal strengthens its capital structure and reduces total debt through add-on debt exchange transactions. Bezel is redefining the luxury watch market.

​Luxury E-Commerce Congress 2025 brings debates on technology and craftsmanship in the sector [in Portuguese]. The new faces of Gulf luxury: Young, rich, and optimistic​

Fashion and Beauty e-commerce

KKR-backed Korea fashion retailer Musinsa is considering an IPO. Shein's global supply chain to include India-made apparel. Shein mulls China return to unlock Hong Kong IPO. 3 charts show Shein's big leaps in a key market ahead of its IPO.

​Nike eyes China growth, with outdoor sports revamp at the center. Global beauty firms look to carve up Indian market as 'last bastion' of growth.

​Guess to go private in $1.4 billion deal with Authentic Brands, co-founders and CEO. Rent the Runway to swap debt for equity in revival effort

AI and Commerce

What Happens When AI Does Your Shopping? - Columbia Business School​

For sellers, that means a model upgrade could function as a demand shock. For platforms, it raises questions about how stable rankings and endorsements will be in an AI-driven environment.

​The Ascent of CommerceGPTs (a good read). Chinese ‘Virtual Human’ Salespeople Are Outperforming Their Real Human Counterparts. Retail Leaders Weigh AI’s Impact on Discovery.

Enterprise AI agent startup TinyFish raises $47M. Bluefish raises $20M to help enterprise marketing take control in the era of AI chatbots. ChatBlu raises $500K Pre-Seed Round. ​Versori unveils one-click catalogue integration, achieves 98% accuracy for marketplace product mapping.

Adobe saw generative AI-powered shopping rise 4,700% in July. Smarter selling Or silent summaries? eBay AI raises transparency concerns​Amazon quietly blocks AI bots from Meta, Google, Huawei and more.

Advertising

As AI Search Threatens Open-Web Ad Supply, DSPs Face a Reckoning. - AdWeek​

Analysts say AI is upending the “whole ecosystem," squeezing demand-side platforms like The Trade Desk and Viant.

Google replaces Content API for Shopping with new Merchant API. Google AI Mode expanding to 180 countries, getting agentic restaurant finder, more.

​Podean and Commerce Canal join forces to create the largest independent global marketplace-focused agency. Accenture has acquired Superdigital, a U.S.-based social and influencer agency Centerfield acquires ConsumerVoice​

​Klaviyo acquires Gatsby to improve social commerce insight. Advertisers will soon be able to buy Macy's Media Network through Amazon. Ace Hardware launches retail media network. Margin wars reshape programmatic as Amazon undercuts The Trade Desk. Costco turns to GrowthLoop to build audience for its retail media network . Inside Bose’s paid search advertising reset ($)

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

Startups must bake geopolitics into their supply chain strategy. - Global Venturing​

Supply chains will be a primary place for state actors to flex their muscles and test out capabilities, and if and when the conflicts kick off, they will be a primary battleground.

​Parts of Europe are suspending postal shipments to the US — and your order may not arrive. Temporary restrictions on shipping postal goods to the U.S. for private and business customers.

​US Postal Service’s HS code requirement to start Sept. 1..Honeywell, Stereolabs partner on AI-powered vision tool for warehouses.

​SHEIN and Lufthansa Cargo Sign MoU to explore Initiatives to promote more sustainable air transportation. China tightens VAT obligations for delivery services. nospace expands in Cape Town as e-commerce demand surges.

​Blue Yonder acquires Optoro to streamline returns. Overhaul strengthens supply chain transparency with FreightVerify deal. Overhaul raises $105M in Series C funding. GOFO Express has acquired CIRRO Parcel.

Consumer

The Biggest Retailers Are Thriving in the Tariff Economy. WSJ ($)

Walmart, Amazon, and T.J. Maxx are beating rivals by offering deals to stressed-out consumers. In the tariff economy, retailers who cater to cautious consumers are winning. Those who don’t are falling behind.

No Comply: Private Equity and Skateboarding. CEPR​

Private equity’s systematic predation of skateboarding does not occur in a vacuum; it is a page out of the tried and true playbook used to cripple countless industries that have much more at stake for society than a plank of wood with four wheels attached..

​Checkers rolls out smart trolleys in South Africa. Marks and Spencer brings back online shopping in Ireland. Ahold Delhaize sells 87 Romanian stores after acquiring Profi.

​RH has quietly acquired a trio of trade-focused brands: Dennis & Leen, Formations, and Michael Taylor Designs. tm:rw Has Arrived: Inside the Times Square Launch of the World’s Most Experiential SentecaCommerce and euShipments.com partner. Amazon looks to ditch homegrown software for Android in Fire tablet revamp, sources say.

​Eight Sleep raises $100M to expand its AI-powered sleep tech. Odeko acquires Atlanta Coffee Supply. Group.

​R for Rabbit raises $27M in Series B funding. Member-only clean-label groceries FirstClub in talks to raise $20M.​

Payments

China fines JD.com payment unit $1.3M for compliance failures.TurnStay secures $2M in Seed Funding to revolutionize travel payments across Africa. HSBC leads Series C in Dowsure, a fintech for cross-border e-commerce.

​DLocal and Tiendamia partner to drive cross-border eCommerce growth in Latin America. BLIK payment platform reshapes online shopping in Poland, eclipsing cards.

Stats and Other Interesting News

​Icelanders set to spend ISK 36 Billion on overseas online shopping. Indonesia’s e-commerce transactions hit $2.7b in July 2025. America’s Top Venture Capital Firms of 2025 E-Commerce Finally Returns to Its COVID Peak Shipping policies designed to boost online spending instead drive consumers into stores.

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 326, sent on 24 August 2025.