RETAIL & DISTRIBUTION
+++ US retail giant Walmart will begin accepting Apple Pay, Google Pay and other tap-to-pay methods at select US stores on Aug. 24, with plans to extend contactless payments to all Walmart and Sam’s Club locations by the end of 2026 and its gas stations by mid-2027 +++
CORPORATE AND M&A
+++ California-based biotech firm Genomatica (Geno) has been acquired by Again, also specializing in biotechnologies, which operates across Copenhagen, Munich and Houston
+++ Shein has reportedly delayed its Hong Kong IPO to around Sept. 1 and is now targeting a valuation of just $26–27 billion, sharply below its roughly $100 billion peak in 2022, as slowing growth, rising costs, tariff pressures and broader questions about the sustainability of its ultra-fast-fashion business model weigh on investor appetite +++
PRODUCT & DISTRIBUTION
+++ Gtechniq has introduced Fabric Proof, a PFAS-free water-repellent spray for cycling clothing, footwear and other technical outdoor kit that is said to last up to ten washes and requires no heat treatment to activate
+++ Giro has introduced the Montaro Pro, a mountain bike helmet for trail, enduro and e-MTB riders, which combines Giro’s Spherical Technology powered by Mips, for rotational impact management, with enhanced ventilation
+++ China’s Xtep has launched a new dual-flagship running footwear platform built around its GT1200 carbon racing and Xtep Float cushioning technologies, expanding its range from elite competition shoes to training, everyday running and urban use +++
FINANCIAL RESULTS
+++ Alibaba’s attributable net profit plunged 76% year-on-year to RMB 10.54bn ($1.55bn) in its fiscal first quarter as heavy AI and cloud infrastructure investments drove sharply higher cash burn, while revenue increased about 9% to RMB 268.95bn
+++ Alibaba plans to raise HK$80 billion (€8.8bn) through a placement of new shares in Hong Kong, with all net proceeds earmarked for expanding its full-stack AI capabilities and infrastructure +++
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