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Squarekey Brings Premium Fashion Brands To India's Burgeoning Mass Of Online Shoppers

With India’s annual GDP growth of about 5 to 6 percent per year, a new wave of affluent consumers is coming. While there have been e-commerce successes like Flipkart, a handful of local startups are targeting the upper-end of the market. Squarekey is a startup that brings high-end fashion brands to India for the same prices as ones that a consumer would pay in the West. “Retail is stagnating the Western world,” said founder Avantika Daing. “The growth story is now in markets in India. We’re really addressing a big unmet consumer need. Our core base will include about 300 million users by 2015. Those are the potential users — the aspirational class that spans from the middle class to the upper-middle class.” The site offers clothes from about 65 brands including Nanette Lepore, Nicole Miller, BCBG Max Azria and Ben Sherman. While the site only opened last fall and Daing declined to share volume numbers, she did say that sales were growing by 30 percent month-over-month. Their ...

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Found 6 days ago on channel TechCrunch

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Baidu Confirms $370M Purchase Of PPS, Underscoring Online Video's Importance For Internet Companies Around The World

After weeks of rumors, Baidu finally confirmed today that it has acquired the online video business of Shanghai-based PPS for $370 million. PPS will be merged into iQiyi, Baidu’s video platform Baidu, to form China’s largest online video platform by the number of mobile users and video viewing time. The sale is expected to close in the second quarter of 2013. PPS will continue to operate as a brand of iQiyi. The deal allows Baidu to step up its competition with video platform Youku-Tudou. At the end of last month, before Baidu had officially announced the deal, Youku-Tudou president Dele Liu made a statement about his company’s competitors: “After the success and synergy created by the Youku Tudou merger, increasing consolidation was inevitable throughout the video industry. We are happy to see this purchase go forward, we expect this acquisition will further rationalize the industry and help reduce piracy in the sector.” Despite the somewhat cheeky tone of Liu’s comment, the ...

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Found 1 week ago on channel TechCrunch

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Mosque, Muslim shops attacked near Myanmar's biggest city

YANGON - Rioters attacked a mosque and Muslim businesses in central Myanmar on Tuesday, police said, the closest a series of sectarian clashes pitting Muslims against majority Buddhists has come to the commercial capital Yangon.

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Found 2 weeks ago on channel Reuters

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Yahoo's Deal To Buy A $200M Stake In Dailymotion From Orange Scuppered By French Government

It looks like lightening has struck on the towers of Dailymotion. Yahoo’s bid to take a $200 million majority stake in the video site — known as the ‘YouTube of France’ — has been killed by the French government, which decided that it didn’t want a U.S. company to take a controlling stake in a French operation, TechCrunch has confirmed with a source close to the situation. Rumors of problems with the deal have been swirling around for weeks now. At first it looked like the issues were because of internal disagreements at Yahoo, according to Business Insider. But a report in the French newspaper Le Monde last week noted that Orange had suspended the deal because of opposition from the French state, which owns 27% of the telecom company. We have confirmed with someone close to the deal that the latter is indeed the case. Our source said that Arnaud Montebourg, the French Minister of Industrial Renewal, effectively told Orange that it could not go through with the deal. “Dailymotion ...

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Found 2 weeks ago on channel TechCrunch

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Amazon Led LivingSocial's Last Round With A $56M Investment; Daily Deals Site Had A Net Loss Of $50M This Past Quarter

Daily deals company LivingSocial continues to face challenges in the market. In the last quarter it posted sales of $135 million, up 23% on a year ago, but it also swung to a net loss of $50 million, from net income of $156 million in Q1 2012, according to a 10-Q filing from Amazon today, made after Amazon reported quarterly earnings yesterday. The report, spotted first by the Washington Business Journal, also reveals that Amazon was the majority investor in the $110 million round earlier this year, putting in $56 million of that sum.

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Found 3 weeks ago on channel TechCrunch

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