In today’s top Europe, Middle East, and Africa news, New York private equity firm Sycamore Partners is considering a cash offer for U.K. fashion retailer Ted Baker, and Apple is fighting to delay the European Commission’s Digital Markets Act.
Plus, in a reversal by the Bank of Russia, Sberbank received a license to operate a cryptocurrency exchange, Deliveroo said it expects to be profitable within two years, and John Caplan, head of Aliababa.com’s North American and European operations and its global president, announced he is leaving the company.
British Retailer Ted Baker Could Be Purchased by US Investor
Sycamore Partners, the New York private equity firm specializing in retail investments, is considering a cash offer for Ted Baker, the United Kingdom fashion retailer, Reuters reported Friday (March 18).
The news outlet said Sycamore has until April 15 to make an offer for the publicly traded company. Sycamore said it is unclear whether an offer will be made and declined to disclose any terms.
Apple Could Play This Card to Delay Implementation of EU App Store Bill
Apple is facing regulatory headwinds that may threaten its App Store revenue. But the California-based company’s legal arguments could delay implementation of the European Commission’s Digital Markets Act (DMA).
The European Union approved the DMA in December to increase competition between digital platforms by limiting what Big Tech companies can do. New requirements compel Apple to allow software to be downloaded outside its App Store and allow companies to use other payment systems on apps.
In About-Face, Russia’s Central Bank Issues Crypto Licenses
Russia’s Sberbank announced it had received a license from the Bank of Russia to run a cryptocurrency exchange and even launch its own token. The country’s largest retail bank is struggling under the sanctions that have cripple the country’s financial sector and economy generally.
That’s why Sberbank received the central bank’s nod just one month after the central bank’s governor, Elvira Nabiullina, was ignoring President Vladimir Putin’s instructions to work with the Finance Ministry as it sought to legalize cryptocurrency by creating a formal regulatory framework.
Alibaba.com’s Caplan Announces Departure
John Caplan, head of Aliababa.com’s North American and European operations and its global president/CMO, announced he is leaving the company Friday (March 18).
His announcement comes days after the company said it was seeking a CEO for its flagship media property the South China Morning Post (SCMP), as chief executive Gary Liu takes on a new project, running Aliababa’s new NFT spinoff.
Deliveroo Lays Out Timeline to Profitability, Leverages Ghost Kitchens, Dark Stores
As most on-demand food delivery aggregators continue to lose money, Deliveroo is expected to be profitable within two years or so.
The company shared with analysts Thursday (March 17) its 2021 results that it expects to break even in the second half of 2023 or the first half of 2024, aiming to reach an adjusted EBITDA margin of 4% or more by 2026.
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