Latest news with #McFerran
Yahoo
09-04-2025
- Business
- Yahoo
Japan's E-commerce Group Zozo to Acquire Lyst for $154 Million
LONDON – Lyst, the London-based shopping platform, said Wednesday it has entered into a definitive agreement to be acquired by Zozo, Inc., a Japanese fashion e-commerce platform operator, for $154 million. The acquisition, advised by Rothschild & Co, is expected to be completed before the end of April 2025. More from WWD Dior Teases Pre-fall Show in Japan With Poetic Campaign Taraji P. Henson Buys Brand From Maesa Can Hailey Bieber Break Beauty's M&A Slowdown? Following the acquisition, Lyst will become a wholly owned subsidiary of Zozo. It will continue to operate as a standalone business based in London, with Emma McFerran continuing to serve as chief executive officer. Zozo said the acquisition of Lyst will form the cornerstone of its international expansion strategy, while Lyst's brand authority and intelligence will be further strengthened by leveraging Zozo's market leadership in Japan. Since 2019, Lyst has become a credible source for the fashion industry on what's trending with its quarterly brand and product rankings. On several occasions, the rankings predicted the financial performance of certain brands, such as the soaring popularity of Miu Miu in recent quarters. Utahiro Inui, executive director at Zozo, said: 'Lyst has built an exceptional platform that aligns perfectly with our vision of creating more inspiring, joyful shopping experiences. 'Lyst's industry credibility and unique brand voice, coupled with market-leading technology and scale, means they are uniquely positioned to redefine the space. Together, we will transform the future of fashion shopping online as part of our ambition to 'Inspire the world. Deliver joy every day,'' Inui added. McFerran, who led Lyst to achieve profitability for the first time in 2024 amid the recent downfall of several luxury e-tailers, called Zozo's acquisition a win-win for its fashion ecosystem of shoppers and partners. 'Our space is evolving fast, and we share a vision with Zozo to build a better, brighter future for the industry, using AI and technology. With Zozo's scale, expertise, and support, Lyst will be in an even stronger position to reimagine fashion discovery online,' she added. With Zozo's support, McFerran said Lyst will accelerate its growth and investment in AI discovery technology while maintaining its business in the U.S., the U.K., and Europe; three of its biggest markets among the 190 countries and regions it serves, representing 30 percent, 25 percent, and 20 percent of the business, respectively. With 160 million annual active users, Lyst said it has the largest fashion assortment, with almost 10 million in-stock products on the platform. It partners with 27,000 brands and retailers and exceeded a gross merchandise value of 600 million pounds in the last financial year. 'We've got deep tech at our core, particularly in AI-driven personalization. Zozo has lots of strengths and things like UI and size and fit tech. There are opportunities for us to partner together and invest in our growth,' said McFerran, who joined Lyst in 2014 and has since risen through the ranks to become CEO in 2022. 'I'm proud of my team and what they've built to date. They deserve all the praise and celebration, so we will find the right ways to honor them,' added McFerran, who is part of a 'small but mighty' team of 150 people working from an office situated not far from the Tower of London. In Japan, Zozo runs Zozotown, a fashion e-commerce platform with 12 million annual customers. It provides novel shopping experiences through its proprietary measurement technologies, including Zozomat and Zozoglass. It also operates services including Zozofit, a 3D body scan technology, and Wear by Zozo, an outfit-sharing app. Best of WWD EXCLUSIVE: Sean Combs Regains Control of Sean John Brand Isabel Marant Said in Play Again: Sources Holding Industriale Invests in Shoe Specialist Valmor
The Guardian
31-01-2025
- Politics
- The Guardian
Independent regulators in ‘real danger' after Trump firings, say ex-NLRB chairs
Donald Trump has been accused of launching an 'attack on the rule of law' as three former heads of the top US labor watchdog criticized the unprecedented firing of a top official. The abrupt removal of Gwynne Wilcox from the National Labor Relations Board (NLRB) leaves the agency 'out of business' unless a replacement is nominated, they warned – and highlights a 'real danger' to the independence of regulators and adjudicators now Trump is back in the White House. In interviews with The Guardian, previous chairs of the NLRB described the dismissal of Wilcox as a 'usurpation' of power that 'reeks of discriminatory motive'. The White House blamed decisions taken by Wilcox and Jennifer Abruzzo, the NLRB's general counsel, as it fired the pair earlier this week. The move leaves the agency's board with only two members, short of the quorum of three required to issue significant decisions on US labor disputes. Wilcox, , the first Black woman to serve on the board, has pledged to pursue 'all legal avenues' to challenge her firing. 'It was unprecedented to have a sitting board member terminated because of her positions that she's taken in cases. That is clearly contrary to law,' said Lauren McFerran, chair of the NLRB until last month, when he reappointment was blocked in the US Senate.. 'In this case, the President made no pretense of accusing member Wilcox of any misconduct, which would be ridiculous. 'She's a dedicated public servant. She had a sterling reputation. He did not, to my knowledge, provide her with any opportunity for a hearing or any advanced notice, he just summarily fired her because he disagreed with her decisions as a board Member. That's never happened before.' Members of the NLRB, according to the National Labor Relations Act, can only be removed by a President 'for neglect of duty or malfeasance in office, but for no other cause.' McFerran served as a member of the NLRB from 2014 to 2019, was reappointed under the Trump administration in 2020, and chair the agency from January 2021 until December. 'There is real danger in attacking the existence of independent regulatory agencies, particularly independent adjudicators,' she added. 'Congress made a judgment that certain areas of critical government decision making should be insulated from the day-to-day influence of the president. I think that's particularly important when we're talking about people who are functionally serving as judges.' McFerran also noted given Wilcox's intent to challenge her removal in court, if new board members are appointed, any decisions made without her can be deemed invalid if her termination is overturned, creating uncertainty for federal labor laws. 'We want parties who bring their cases before agencies like the board to have fair tribunals,' concluded McFerran. 'When I was at the board, I never had to worry that if I was hearing a case and I rejected the position of somebody who was an ally of the president, or even rejected the position of the presidentially appointed general counsel, that it would cost me my job. And that's the environment that future board members could be operating in now, which basically just takes away the independence of independent agencies, and I think that's a real loss for the government.' Wilma B Liebman, who chaired the NLRB from 2009 to 2011, under Barack Obama, and before that served as a board member under Bill Clinton and George W Bush, called Wilcox's termination 'brazen and shocking, contrary to long existing supreme court precedent, the clear language of the statute (the NLRA), and decades of custom'. 'Singling out a Black woman for termination, reeks of discriminatory motive,' Liebman said. 'The White House is perilously rolling the dice here, but their aim obviously is to cause chaos and impede the Board's operation. Her termination, along with the termination of other members of bipartisan multimember boards or commissions, sets a dangerous precedent and threat to the rule of law, further polarizing and politicizing administrative agency operations and the law.' This goes 'way beyond the state of polarization and politicization that has existed already for years', she added. Some NLRB functions, such as processing unfair labor practice charges, do not require three serving board members, while the chief administrative law judge can handle some motions and requests without a quorum on the board. But cases where a board decision is required or requested are effectively halted. While McFerran noted that a lot of 'routine steps' can continue within the NLRB, she warned: 'Push comes to shove, if any party wants to take advantage of the fact that there's not a quorum of the board to try to kind of to put an indefinite pause on their case, they can pretty easily do so.' Firms including SpaceX, led by Trump ally Elon Musk, and Amazon have filed challenges against the NLRB in court, alleging the agency is unconstitutional. Federal courts are currently reviewing many of these cases, which could eventually reach the Supreme Court. William B Gould IV, NLRB chair from 1994 to 1998, claimed Wilcox's termination was a bid to weaken the labor movement. 'Trump is playing a role, that he is well used to, and that is the role of usurping the rule of law,' he said. 'I think it's usurpation and an attack on the rule of law to politicize in a way which Congress and the Constitution never intended, to allow for the dismissal of board members when the President doesn't like what they've done.' It is unclear how the courts will rule on the termination, Gould noted, particularly given the conservative makeup of the supreme court, should it hear the case. Butin the mean time, the removal will 'paralyze the board and put the board adjudicatively out of business', he said, 'which is exactly what Mr Trump and his allies would want, because it promotes the democracy for workers, and they don't want that.'. A White House official said: 'These were far-left appointees with radical records of upending longstanding labor law, and they have no place as senior appointees in the Trump Administration, which was given a mandate by the American people to undo the radical policies they created.'
