Explore PttAVM's IPO, Amazon-X partnership, GreyOrange's funding, and Lululemon's financials in our Dec 28 roundup.

O-News Update: December 28

PttAVM is Entering the Public Offering Process

According to the Dünya report, PttAVM is entering the public offering process. Established in 2011 as Turkey's first and only marketplace, the company will become the first eCommerce platform in Turkey to go public.

PTT General Manager, Hakan Gülten, announced that they have applied to the Capital Markets Board (SPK) and plan to offer the public 15% of PttAVM's shares. Gülten stated that the income from the public offering would be used to create new warehouses and investments in PttAVM.

PttAVM has become one of Turkey's most significant eCommerce players, with fifty million products and 50,000 sellers. Its international success has been enhanced, mainly through major projects in China and Qatar.

PTT's public offering plan will strengthen PttAVM's influence in local and global markets and is a critical turning point in the Turkish eCommerce sector.

According to The Wall Street Journal, Elon Musk's social media platform, "X," is discussing with eCommerce giant Amazon for a potential collaboration. These talks aim to introduce "X" into eCommerce by utilizing Amazon's advertising software.

If the partnership goes through, small and medium-sized businesses (SMBs) that are listed on Amazon will be able to advertise their products on "X." This collaboration could especially help businesses that focus on home goods and office supplies, as they will have direct access to Amazon's extensive and diverse customer base.

Recently, some advertisers have pulled out from "X," tarnishing the platform's reputation and lowering its advertising revenue. According to Bloomberg, "X" is predicted to face a considerable reduction in ad revenue by 2023, dropping to $2.5 billion. Given these circumstances, the potential collaboration with Amazon is crucial for "X."

Autonomous Vehicles Are Taking Over Operations

The Wall Street Journal has reported the increasing presence of autonomous robots in storage and cargo areas. During the pandemic, Kimberly-Clark addressed labor shortages by deploying hundreds of autonomous forklifts to ensure the smooth flow of products to stores. Similarly, Newell Brands, the producer of Sharpie products, has noted that these vehicles enhance safety and reduce costs. With the growing difficulty in finding labor, autonomous vehicles, especially those carrying heavy loads, are becoming more prevalent.

ABI Research forecasts that from 2022 to 2030, the autonomous truck market in cargo areas will grow at an annual rate of 53%. These vehicles operate effectively in controlled environments, away from traffic and construction sites. For instance, Kimberly-Clark has over three hundred autonomous forklifts in its North American warehouses. Newell Brands also uses over two hundred autonomous forklifts in its facilities, reducing product damage and achieving significant cost savings.

GreyOrange Receives $135 Million Investment

According to Swipeline, GreyOrange, a company that provides autonomous robots and AI-powered software solutions for faster and more accurate warehouse operations, has raised $135 million in a Series D funding round led by Anthelion Capital.

Founded in 2011, this American startup specializes in automating workflows in warehouses, stores, and distribution centers. It has significant clients like Walmart Canada, Nike, and H&M.

Commenting on the investment, Vusal Najafov, a founding partner at Anthelion Capital, said: "GreyOrange has not only automated the movement of products within warehouses but also established a network that optimizes how retailers move their goods across the entire supply chain. The innovative approaches of GreyOrange in increasing operational efficiency across different business sectors and transforming inventory into a more efficient asset in warehouses and retail spaces are the primary reasons for our excitement in leading this financing round. ”

According to CNBC, Canadian clothing retailer Lululemon demonstrated a positive start to the shopping season and a solid performance in the third quarter yet experienced approximately a 3% drop in extended stock trading despite a moderate outlook for the fourth quarter.

The company reported a net income of $249 million and earnings of $2.53 per share in the third quarter. Revenues rose 19% from the previous year to $2.2 billion, with sales increasing in North America and international markets.

However, Lululemon's sales expectations for the fourth quarter fell short of analysts' predictions. The company anticipates sales between $3.14 billion and $3.17 billion and earnings per share between $4.85 and $4.93 for the fourth quarter. Year-end sales are projected to be between $9.55 billion and $9.58 billion.

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