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Dear Readers,

The three questions on my mind this week:

1. Walmart is partnering with OpenAI. Is this to ensure Walmart can be found via ChatGPT, or is this the Jackal coming into the hen house? The launch press release is scant on details, but why would any retailer want a third-party to index any of its content? I understand this is where the world is going but are we going back to walled gardens and customers having to use different LLMs to access the opportunity to purchase goods. Or is this OpenAI selling the future, knowing that shopping is not done inside ChatGPT?
2. Riddle me this - who can Temu only generate $120M profit in the UK and pay only $18M in corporation tax? I sometimes wonder if marketplaces do not understand that they are an easy target for regulators or politicians?
3. This week marks the start of the road to the largest shopping festival in the world, the 11.11 Global Shopping Festival from Alibaba, which holds more significance for me this year as the event is at the intersection of consumption and AI. Its the largest event with that potentially can be more efficient for sellers and customers.

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.

​​Please share this newsletter to help me grow my list.

​Onwards, Hendrik

Around The World in Marketplaces

Africa

Chari, a Morocco-based fintech and e-commerce platform, has closed a $12M Series A round.

China

JD.com Partners with CATL and GAC for "National Good Car" Launch on 11.11. JD.com clarifies that the online retailer will sell, not manufacture, a new car to be released in collaboration with CATL and GAC. JD.com opens its new ghost restaurants on rival platforms Meituan and Taobao Flash Buy. JD.com Sees Strong 11.11 Start as Active Users and Categories Surge.

Taobao Tmall Hong Kong rolls out $1.09b subsidy for free shipping for Double 11. Alibaba says its AI spending in e-commerce is already breaking even. Alibaba's Tmall to kick off Singles Day shopping carnival on Oct 20. Paris Saint-Germain launches official store on China's Tmall.

China's retailers extend Singles' Day to five weeks to revive spending.

Amazon begins quarterly tax reporting to Chinese authorities for cross-border sellers. More than 4,100 domestic and overseas online platforms, including major players such as Pinduoduo, Ele.me, Didi, and international cross-border marketplaces, have submitted their first round of detailed tax-related information under a new reporting regulation effective this month.

Europe

Marketplaces generate over 247 billion euros in turnover. - Ecommerce News Europe

In the financial year between 2024 and 2025, the European cross-border ecommerce market reached a turnover of 358.7 billion euros. And 247.5 billion euros, or 70 percent, of that was generated by online marketplaces.

Temu begins paying taxes in Kyrgyzstan. Klarna brings Buy Now, Pay Later services to Allegro.cz

La Poste and Temu Sign MOU through its Colissimo delivery arm. Temu doubles EU profits to $120m with just eight staff – but UK scrutiny looms.

Spain-based land marketplace Cocampo relaunches its website. Spain-based Webel launches bidding system for tailored services.

Netherlands-based interiors marketplace Whoppah acquires Showroommodellen.

Uzbeki stan’s unicorn e-commerce startup Uzum adds London to list of potential IPO locations.

India

E-commerce platform Meesho to raise $484 million in Indian IPO. Reliance Retail operationalises 600 dark stores pan-India to scale hyper-local delivery.

Around 300 employees impacted at Zepto amid cost efficiency drive at the quick commerce company. India's Zepto raises $450m at $7 billion valuation amid quick commerce boom.

Latin America

Ford Motorcraft parts are now available on Shopee in Brazil..

Middle East

First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, has announced a strategic partnership with noon payments. Dubizzle Group to list on the Dubai exchange. JoyLogistics powers XPeng Motors’ largest auto parts hub in the Middle East.

South East Asia and Australia

Shoppers in Singapore, Malaysia, and Indonesia will enjoy an enhanced collector experience with orders dispatched within 48 hours and arriving in as fast as 2 days. At the same time, POP MART will be officially launching its first Lazada Indonesia store on LazMall, opening the door for local fans to shop the brand.

Fair Trade Commission fines Coupang, Wavve, Bugs, Spotify for blocking cancellations. FTC uncovers unfair terms in Coupang Eats and Baemin delivery platforms. Coupang hit with the most FTC fines over the past 3 years at $114M.

.US

Walmart.com’s search results put ads front and center — a playbook Amazon pioneered. Amazon’s 2026 FBA fee changes.

UK-based social commerce platform WeShop selects November 10 for Nasdaq direct listing date.

OfferUp hit with new round of layoffs as marketplace plans to simplify its offerings.

Prime Day lawsuit alleges four-day Amazon event Is ‘rife with fake sales.’ Kim Kardashian’s SKIMS files major counterfeiting lawsuit.

eBay Live Expands To Hard Goods, Health & Beauty, Art & Antiques In Bid To Catch Livestream Competition.

Luxury Commerce

EU fines Gucci, Chloe, and Loewe for fixing resale prices. Reuters

Gucci, Chloe, and Loewe have been fined a total of 157 million euros ($182 million) by the European Union's antitrust watchdog for fixing the resale prices of their retail partners.

Saks Global Q2 revenue slumps, loss widens amid inventory woes. - Retail Dive

Saks Global Q2 revenue fell more than 13% year over year to $1.6 billion, missing the company’s own expectations, the luxury retailer said Thursday. Gross merchandise value edged down to $2 billion from $2.1 billion a year ago.

FASHIONPHILE Acquires Luxe Collective, Marking Entry into the UK Luxury Resale Market. John Lewis accelerates ambition to be ‘the home of premium brands' via Mirakl partnership and new supplier platform.

Zalando launches in Portugal and introduces beauty in Spain. Zalando progresses on Inspiration and Entertainment mission by expanding its AI powered discovery feed to more markets and rolling out new public customer profiles. About You recorded a 7.6% increase in revenue and also saw a rise in the number of active customers.

The changes expected at VERSACE under the ownership of Prada Group. Trump’s tariffs, Brexit, and strategic miscalculations derailed Maximilian Bittner’s vision to create a French rival to TheRealReal. Now, Bittner is out, streamlining seems inevitable, and a potential sale could be next. ($)

Fashion and Beauty e-commerce

Ulta Beauty goes live with UB Marketplace, powered by Mirakl. - Mirakl

The largest specialty beauty retailer in the U.S. launches its curated marketplace, expanding its online assortment with more than 100 new brands in beauty and wellness.

EssilorLuxottica sales boosted by Meta AI glasses. .Asos Under Scrutiny by German Authorities Over Unpaid Customs Duties.

Zalando appoints ex-L’Oréal Thomas Schwulera as new Vice President of Beauty.

Debenhams Group's Nasty Gal in Amazon Fashion collab for US expansion. Society Brands acquires Crunchi.

AI and Commerce

Alibaba says its AI spending in e-commerce is already breaking even. CNBC

Chinese tech giant Alibaba is already recouping its investment on artificial intelligence in the company’s e-commerce business, vice president Kaifu Zhang told reporters on Thursday. “It’s very rare to see double-digit changes” in such tests, he said in Mandarin, translated by CNBC. Zhang predicted that thanks to AI integration, there would be a “very significant” positive impact on Alibaba’s gross merchandise volume during this year’s Singles Day shopping period, which centers on Nov. 11.

This 11.11 features the first large-scale AI application on Taobao and Tmall with AI-enhanced product listings, AI-powered search and recommendations, and cutting-edge AI applications.

What 700M ChatGPT users reveal about AI shopping behavior.

Gap Inc. Sets Out to Reimagine Retail Powered by Google Cloud’s AI.

Apple rival Honor launches AI phone tools that help users get online shopping discounts and more. Hyundai Department Store launches AI shopping assistant Heidy.

Alibaba Cloud claims to slash Nvidia GPU use by 82%https://www.scmp.com/business/article/3329450/alibaba-cloud-claims-slash-nvidia-gpu-use-82-new-pooling-system with new pooling system.

Advertising

The Algorithm Ate Don Draper. - Brian Sugar

MrBeast gets more views in a day than the Super Bowl gets in a year. A twenty-seven-year-old with a laptop reaches more humans than the most expensive advertising event in history. Cost of a Super Bowl ad: $7 million for thirty seconds. Cost of MrBeast’s upload: zero.

I tried shopping for a gift using a new ChatGPT feature. It only got more confusing as I searched. Google Search rebounds as Amazon steps back: Q3 ad report

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

J&T Express delivers 23% surge in Q3 parcel volume, driven by Southeast Asia growth. - Payload Asia

J &T maintained strong growth momentum in the region during the third quarter. Parcel volume in SEA reached 2.00 billion, surging 78.7% year-on-year, with an average daily parcel volume of 21.7 million.

Full impact of US e-commerce duty change may take a year, DHL says.

GOFO and CIRRO E-Commerce Announce Strategic Partnership to Enhance Nationwide Parcel Delivery Network.

Warehouse automation startup Dexory raises $165M in funding. FleetWorks raises $17M to match truckers with cargo faster. Lightspeed backs $8.7M funding in Indian drone startup Airbound.

Aramex And Bahrain Post launch nation’s first electronic parcel locker network..

Consumer

Mammoth Brands clinches $1 billion-plus deal for high-end diaper maker Coterie. Reuters

Consumer goods company Mammoth Brands announced on Thursday that it will acquire premium baby care brand Coterie, which is backed by models and entrepreneurs Karlie Kloss and Ashley Graham.The deal could value Coterie at over $1 billion, subject to earnouts based on the company hitting certain financial targets, according to people familiar with the matter.

Top 100 Brands Account for 21% of Total FMCG E-commerce Value: Euromonitor International. - Morningstar

Nearly 30% of the Top 100 brands have either surpassed or are nearing $1 billion in annual e-commerce sales, underscoring not only the scale and maturity of digital commerce in FMCG, but also the potential for growth and penetration within the channel.

Grupo Coppel revamps online platform to boost sales and access. - Mexico Business

Grupo Coppel has launched a new version of its e-commerce platform, advancing its digital transformation strategy as part of its 2030 vision to strengthen its omnichannel presence in Mexico. The update aims to boost online sales while providing a more seamless, secure, and personalized shopping experience.

Online wholesale alcohol platform Provi has settled its federal antitrust lawsuit accusing Southern Glazer’s, the largest U.S. distributor of wine and spirits, of stifling competition.In a statement on Wednesday, Provi said it resolved the case in the federal court in Chicago, and that its marketplace is now a permitted ordering method for Southern Glazer’s products.

Multinational CPG giant Nestlé said it would eliminate about 16,000 jobs over the next two years as it accelerates a cost-cutting program.
​US online grocery sales hit $12.5 billion in September, fueled by an increase in users. Bilt expands its ecosystem to your doorstep: rapid home delivery, Powered by Gopuff, Now Live.

Japanese retailers halt online sales after supplier cyber attack. Canadian Tire says customer info caught in data breach on e-commerce platform.

London’s 24/7 on-demand delivery app, Zapp, celebrates its five-year anniversary with the launch of a subscription service and a free trial for all. Retail iPaaS provider Patchworks has closed a £5M round to support its next phase of growth.

Payments

Chinese tech giants pause stablecoin plans after Beijing steps in.. Chinese tech giants, including Alibaba-backed Ant Group and e-commerce group JD.com, have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday.

Visa just launched a protocol to secure the AI shopping boom — here’s what it means for merchants. Japan's Rakuten is weighing a US IPO of its credit card business, sources say.

Affirm takes a page from Amazon's playbook with 0% Days. Shop Pay One-Click Checkout Now Available on Global-e Platform. Affirm and Fanatics partner to offer transparent, flexible payment options to millions of sports fans.

Basis Theory raises $33M.

Stats and Other Interesting News

Unemployed man in Japan exploits food delivery platform loophole: Eats over 1,000 free meals in two years. British online sales return to Covid-era levels. Three in four Portuguese consumers shop online.

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 334, sent on 21 October 2025.