Y’all enjoying the summer? Some of us have been hitting the golf ranges, while some are busy waving at holographic Queens. What have you been up to?
This week we have Apple’s Entrance in the BNPL space; Nike’s Feud with StockX; and Sheryl Sandberg’s Leaning Out and Aritzia’s New Queen.
Analytics, Digital, Design In Action
Apple Now Pay Later
Apple is hosting its 2022 WWDC, and boy we already have quite the whoppers on the first day. The biggest of which is a major update to Apple Pay called Apple Pay Later, which will allow users to split the cost of an Apple Pay purchase into four equal payments without interest or late fees - or pretty much Apple’s in-house BNPL.
Powered by the Mastercard network, Apple Pay Later is available everywhere Apple Pay is available in the U.S., both in apps and on the web.
This brings Apple in direct competition with fintech players like Affirm, Klarna, Square/Afterpay, and even Amazon. Meanwhile, the space has been on a drawdown recently as investors pull back amid higher interest rates and a global growth slowdown. Affirm’s stock was down ~70% year-to-date. Klarna laid off 10% of its workforce.
We’ll track the event as it unfolds.
Friendship Over?
Nike escalated its legal battle with sneaker marketplace StockX, saying it purchased four pairs of counterfeit shoes on the platform despite the company’s promises that it is only marketing authentic footwear. Nike asked a federal judge to let it add claims of counterfeiting and false advertising to the current trademark-infringement lawsuit against StockX.
Nike sued StockX in February in federal court in Manhattan, accusing the marketplace of “blatantly free-riding” on Nike’s trademarks and goodwill with a service called Vault NFTs. StockX argued that its NFTs aren’t digital sneakers but simply listings for physical sneakers that are stored in its vault and can be traded by users.
Leaning Out and In
Sheryl Sandberg announced on Wednesday she will step down from her role as Chief Operating Officer of Meta (Facebook), after 14 years as one of the most powerful figures at a company that transformed Silicon Valley. In a way this is her leaning out.
During her time at Facebook, now Meta, she saw the company through a meteoric rise and an ongoing storm of controversies. Facebook, with Sandberg as one of its most public faces, has weathered scrutiny over the Cambridge Analytica breach, the January 2021 attack on the US Capitol, and most recently documents leaked by the whistleblower Frances Haugen that revealed some of the platform’s most toxic impacts. There’s also been persistent speculation on why Sandberg is leaving, some of which center on her disagreement on Meta’s metaverse aspirations.
Meanwhile, Jennifer Wong is poised to be Aritzia’s CEO.
The Vancouver grown boutique is today a multi-billion-dollar, publicly traded fashion giant, with 68 stores in Canada and another 33 in the United States, a rapidly expanding e-commerce arm and $857 million in net revenues during fiscal 2021, despite all the bumps of being a bricks-and-mortar outfit during a pandemic. And Jennifer Wong has been there for the whole ride, starting out as a salesperson.
We’re also recruiting for our ABD Team!
This week, we want to highlight a new BizOps position. ABD team has increasing needs for cross-functional collaborations, strategic alignment, and project management. We are looking for results-oriented individuals to drive organizational changes and push forward some of our strategic initiatives.
Also, check out our other positions that we are actively hiring.
Don’t forget that nominations are open for our Expert Circle! We’re on our Third Cohort!
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