Clothing distributor Gazal Corp has taken as seven percent slice of struggling of high-end fashion retailer Oroton Group, reports Fairfax, purchasing the stake for $3.1 million.
Oroton Group has appointed external advisors to assess the state of the company and consider its options, which currently include a potential sale or capital raise, among others.
The company recently reported it expected its underlying earnings before interest, tax, depreciation and amortisation (EBIDTA) to be between $2 – $3 million for the last financial year, down from $12.9 million in the preceding financial year.
Facebook to roll out ads in Messenger
Social media giant Facebook has taken another step towards world domination of the advertising space with the inclusion of in-line ads through its Messenger platform, reports Gizmodo.
“People already spend time on Messenger interacting and conducting commerce with businesses and brands they love and now with Messenger ads, they have an opportunity to discover experiences directly on their home tab,” the company said.
The ads will come in three formats, including the aforementioned in-line ones seen on the “home screen” of the messenger ads, “click-to” messenger ads which will take clickers straight to a conversation with the business who served the ads, and automated sponsored messages to users from businesses they have interacted with before through Messenger.
The ads can be set up the same way as any other Facebook ad, and the company provides more information for businesses here.
Wearables company Jawbone collapses
Wearables company Jawbone, once worth $4.2 billion, has entered liquidation, reports news.com.au, with experts suggesting overfunding and increased market competition were contributing factors.
Labelled a “darling” and “pioneer” of the wearables industry by Bloomberg, the company’s founder Hosain Rahman has started a new health startup called Jawbone Health Club, and is reportedly moving a number of employees over to the new venture.
The company had raised more than $US900 million from venture capitalists since its inception, and has been embroiled in a legal battle with competitor Fitbit since 2015, when Jawbone alleged was hiring workers from the company, resulting in trade secrets and information moving across to Fitbit.
At the time Fitbit denied the allegations, with Jawbone saying it was “systematically plundering” its employees.