From jeans to jackets and tees to knits, there's a fit to flatter everyone. Income from operations and operating margin 1688.com: 1688.com launched the Warm Spring Recovery campaign to help manufacturers attract new customers and provide marketing, financial and logistics support. Turkish grocery delivery company Getir said Friday it has raised $550 million in a Series D funding round that almost tripled its valuation to more than $7.5 billion. Trendyol Collection Evening & Prom Dress - Black - Shift. (ii) Segment adjusted EBITA Adjusted EBITDA and Adjusted EBITA One of Turkeys leading e-commerce company Trendyol received a new investment of $350 million from its partner company Alibaba. [10] In August 2021, Trendyol had entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $16.5 billion. Adjusted EBITDA and Adjusted EBITA Sara Siying YU, Director (Group General Counsel) (ii) Segment adjusted EBITA The increase was primarily due to reduced loss of Taobao Deals, Taocaicai and Freshippo. China commerce segment mainly includes our China commerce retail businesses such as Taobao, Tmall, Taobao Deals, Taocaicai, Freshippo, Tmall Supermarket, Sun Art, Tmall Global and Alibaba Health, as well as wholesale businesses including 1688.com. Income from operations was RMB100,351 million (US$14,612 million), an increase of 44% year-over-year. Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces. Thus, while Trendyols valuation increased to 16.5 billion dollars, the company was upgraded to the decacorn category, which is used for companies with a valuation exceeding 10 billion dollars.[11]. Diluted earnings per ADS was RMB9.00 (US$1.31) and diluted earnings per share was RMB1.12 (US$0.16 or HK$1.28). Chinese e-commerce firm Alibaba is the majority shareholder in Trendyol. As of March 31, 2023, we had a total of 235,216 employees, compared to 239,740 as of December 31, 2022. We expect that our share-based compensation expense will continue to be affected by changes in the fair value of the underlying awards and the quantity of awards we grant in the future. Alibaba is splitting up its business. Adjusted EBITA, a non-GAAP measurement, increased by 60% or RMB9,469 million year-over-year to RMB25,280 million (US$3,681 million), primarily due to an increase in China commerce adjusted EBITA, as well as narrowed adjusted EBITA losses of Local consumer services and Digital media and entertainment. Demet Suzan Mutlu, Trendyols founder commented: We founded Trendyol to create positive impact in the countries we serve. Our International commerce retail businesses include Lazada, AliExpress, Trendyol and Daraz platforms. International commerce adjusted EBITA was a loss of RMB2,330 million (US$339 million) in the quarter ended March 31, 2023, compared to a loss of RMB2,563 million in the same quarter of 2022. This reclassification conforms to the way that we manage and monitor segment performance. Get the full list, Youre viewing 2 of 3 board members. Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement. In addition to Alibaba, the founding partner of the company, Demet Mutlu holds 6.96% of the company's shares while Evren ok owns 5.55%, Begm Tekin owns 0.78%, and Zeki Gl Kaya owns 0.21% of the shares. About Digikala, an online store, sells sports and entertainment, arts and culture, and digital products as well as appliances and personal items. Revenue from Local consumer services was RMB50,112 million (US$7,297 million) in fiscal year 2023, an increase of 12% compared to RMB44,616 million in fiscal year 2022, primarily driven by higher average order value of Ele.me and strong order growth of Amap. The following table sets forth our analysis of share-based compensation expense for the periods indicated by type of share-based awards: China Commerce The following table sets forth our analysis of share-based compensation expense for the periods indicated by type of share-based awards: Excluding the impact of the reversal of share-based compensation expense, our income from operations would have increased by RMB11,569 million year-over-year, from RMB3,671 million in the quarter ended March 31, 2022 to RMB15,240 million (US$2,219 million) in the quarter ended March 31, 2023. Diluted earnings per ADS/share and non-GAAP diluted earnings per ADS/share Sort. 57,99 . A reconciliation of net income to non-GAAP net income is included at the end of this results announcement. Trendyol, Turkey's No. Digital Media and Entertainment Cainiao: Cainiao opened rural medical emergency warehouses in six key cities across China and continued to increase investment in warehousing and transport capacity in rural areas to improve overall emergency logistics capabilities for rural areas. Joseph C. TSAI, Chairman (Executive Vice Chairman, Alibaba Group) Entdecke unsere eigenen Kreationen der Trendyol Collection mit lssigen Jeansstyles, glamourser Abendmode . Chinese e-commerce firm Alibaba is the majority shareholder in Trendyol. Founded in 2010, Trendyol is Turkeys largest e-Commerce company, serving more than 30 million shoppers and delivering more than 1 million packages per day. Beginning on October 1, 2022, we reclassified the revenue of our Instant Supermarket Delivery () business, which was previously reported under China commerce segment, as revenue from Local consumer services segment following the strategy refinement of Instant Supermarket Delivery business to focus on building customer mindshare for grocery delivery services through Ele.me platform. (ii) Segment adjusted EBITA We announced a new instance family that provides the same level of stability and offers up to 40% cost savings. Non-GAAP net income was RMB27,375 million (US$3,986 million), an increase of 38% year-over-year. International Commerce Retail Business In China, Cainiao continues to expand its Cainiao Post network that offers a variety of value-added services. Personalize which data points you want to see and create visualizations instantly. (ii) Segment adjusted EBITA ________________ The funding proceeds will support Trendyols growth both within Turkey and internationally. Our board of directors approved the commencement of a process to explore raising external capital for the Alibaba International Digital Commerce Group to support its development and growth. We have been committed to promoting decarbonization across our platform ecosystem. (i) Segment revenue For the quarter ended March 31, 2023, total revenue from our Cloud segment before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB24,559 million (US$3,576 million), a decline of 3% year-over-year. During the quarter ended March 31, 2023, net cash used in financing activities of RMB9,319 million (US$1,357 million) primarily reflected cash used in repurchase of ordinary shares of RMB12,611 million (US$1,836 million), partially offset by net proceeds from bank borrowings of RMB3,294 million (US$480million). Interest and investment income, net Income from operations was RMB15,240 million (US$2,219 million), a decrease of 9% year-over-year. Funding Rounds Trendyol Collection Evening & Prom Dress - Green - Shift. Taobao and Tmall: Taobao and Tmall helped new merchants improve their operations by offering them various operational assistance, including providing logistics support, business decision support, and development funding. The goodwill impairment, and the equity-settled donation expense related to the allotment of shares to a charitable trust, are presented as unallocated items in the segment information because our management does not consider these as part of the segment operating performance measure. You can read more about your. Demet Suzan Mutlu, founder and CEO of Trendyol, said, We founded Trendyol to create a positive impact in the countries we serve. Get the full list, Youre viewing 4 of 8 executive team members. stanbul, Maslak Type Privately Held Founded 2010 Specialties Fashion, Technology, ecommerce, services, startup, and decacorn Locations Primary Bykdere Caddesi No:243, Saryer/stanbul Spine. Investors of Trendyol include Princeville Global, General Atlantic, SoftBank , Qatar Investment Authority, ADQ and 6 more. Each ADS represents eight ordinary shares. Trendyol Group is funded by 10 investors. It makes the online firm the most valuable company in Turkey. In the quarter ended March 31, 2023, 72% of Cainiaos total revenue was generated from external customers. Free cash flow, a non-GAAP measurement of liquidity, was RMB32,267 million (US$4,698 million). Other income, net in the quarter ended March 31, 2023 was RMB1,308 million (US$191 million), compared to RMB1,620 million in the same quarter of 2022. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have decreased from 6% in the quarter ended March 31, 2022 to 5% in the quarter ended March 31, 2023. With 86.50% of the company's shares, Alibaba is the largest shareholder of Trendyol, which sold 347 million products in 2020 alone. FULL FISCAL YEAR SUMMARY FINANCIAL RESULTS Other income, net Revenue from Cainiao, which represents revenue from its domestic and international one-stop-shop logistics services and supply chain management solutions, after inter-segment elimination, was RMB55,681 million (US$8,108 million) in fiscal year 2023, an increase of 21% compared to RMB46,107 million in fiscal year 2022, primarily contributed by the increase in revenue from domestic consumer logistics services as a result of service model upgrade since late 2021 whereby Cainiao took on more responsibilities throughout the logistics process to better serve customers and enhance customer experience, as well as the increase in revenue from international fulfillment solution services. Compliance and Risk Committee THE RESTRUCTURING Our net income in the quarter ended March 31, 2023 was RMB21,996 million (US$3,203 million), compared to net loss of RMB18,357 million in the same quarter of 2022, primarily attributable to net gains arising from the increases in the market prices of our equity investments in publicly-traded companies, compared to net losses from these investments in the same quarter last year, partly offset by the decrease in share of profit of equity method investees, the increase in impairment of investments and the decrease in income from operations. Non-GAAP net income was RMB141,379 million (US$20,586 million), an increase of 4% year-over-year. Free cash flow, a non-GAAP measurement of liquidity, was an inflow of RMB32,267 million (US$4,698 million) in the quarter ended March, 2023, compared to an outflow of RMB15,070 million in the same quarter of 2022, during which we made a payment of the final installment in the amount of RMB9,114 million of the RMB18,228 million Anti-monopoly Fine. All rights reserved. We will leverage our strong team, our extensive technological capabilities, and Turkeys strengths in manufacturing and logistics to become a leading player in EMEA and to create new export channels for Turkish merchants and manufacturers., Trendyols marketplace model, which spans everything from grocery delivery to mobile wallets, brings convenience and ease to consumers in Turkey and internationally, said Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic. Income from operations in fiscal year 2023 was RMB100,351 million (US$14,612 million), or 12% of revenue, an increase of 44% compared to RMB69,638 million, or 8% of revenue, in fiscal year 2022. Trendyol, Turkeys No. Citi acted as Trendyols exclusive financial advisor and placement agent in the transaction. The round was co-led by General Atlantic, SoftBank Vision Fund 2, as well as Princeville Capital and sovereign wealth funds, ADQ (UAE) and Qatar Investment Authority.[3]. This represents Ant Group share-based awards granted to our employees, which is subject to mark-to-market accounting treatment. (ii) Segment adjusted EBITA [9] Buyers use our vendor rankings to shortlist companies and drive requests for proposals (RFPs). Supporting the building of socioeconomic resilience The decrease in loss year-over-year was primarily due to the reduced losses from Trendyol and Lazada. Get the full list, To view Trendyols complete investments history, request access, Morningstar Institutional Equity Research, Maslak Mahallesi Bykdere Caddesi (Spine Plaza) Number 243. In August 2021, Trendyol entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $16.5 billion. The increase was primarily due to the increase in revenue from value-added services to paying members. Alibaba Group Istanbul, Istanbul, Turkey 10001+ Private Equity Private www.trendyol.com 36,564 Actively Hiring - View All Jobs Highlights Acquisitions 1 Total Funding Amount $1.9B Contacts 200 Employee Profiles 6 Investors 10 Similar Companies 8 Jan 12, 2022 Find More Contacts for Trendyol Group Protected Content CTO During the quarter, Freshippo continued to strengthen its merchandising capabilities and improve its operating efficiency that resulted in positive operating results. Business Group Diluted earnings per ADS in the quarter ended March 31, 2023 was RMB9.00 (US$1.31), compared to diluted loss per ADS of RMB6.07 in the same quarter in 2022. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have decreased from 6% in fiscal year 2022 to 5% in fiscal year 2023. 65,99 . Discover daily deals, trending brands and shop the latest trends at best prices - all in one place. Cainiao adjusted EBITA was a loss of RMB391 million (US$57 million) in fiscal year 2023, compared to a loss of RMB1,465 million in fiscal year 2022, mainly due to improved operating results from International fulfillment solution service and improved operating efficiency in consumer logistics services and domestic fulfillment solution services. We are delighted to share that our board has approved the process to start external financing for Alibaba International Digital Commerce Business Group; exploration of IPO for Cainiao Smart Logistics Group; and execution of IPO for Freshippo. The spin-off will be subject to restructuring of certain assets, liabilities and contracts, implementation of employee equity incentive plans, market conditions, as well as regulatory reviews and approvals in relevant jurisdictions. arrow_forward. [emailprotected], Copyright 2023 General Atlantic Service Company, L.P. All Rights Reserved. 4 Products Found. Cloud adjusted EBITA was RMB1,422 million (US$207 million) in fiscal year 2023, compared to RMB1,146 million in fiscal year 2022. Date Funding Amount Funding Round Investor Details; Aug 09, 2021: $1.5B: Series D: General Atlantic, SoftBank Vision Fund: and 3 others: Jul 22, 2011: $26M: Series C: Tiger Global Management, Kleiner Perkins The following table sets forth a breakdown of our revenue by segment for the periods indicated: Trendyol is the leading e-commerce platform in Turkey, serving 30 million shoppers and over 140,000 merchants in the country. FutureBright Group is a market research and consulting company. Doing Business in Turkey .com is the leading business news and information portal that provides lots of resources for global entrepreneurs and corporates who consider starting or operating a business in Turkey. (ii) Segment adjusted EBITA Following the implementation of the new organizational structure as mentioned in "The Restructuring" above, we will also update our segment reporting to reflect the new reporting structure that will be reviewed by our chief operating decision maker. Analyst Briefing Submitters are 7x more likely to receive a qualified connection. Share of results of equity method investees in the quarter ended March 31, 2023 was RMB446 million (US$65 million), compared to RMB3,282 million in the same quarter of 2022. Jane Fang JIANG, Director (Group Chief People Officer) Lucy Lei PENG, Director (Partner, Alibaba Partnership) Dolap was founded in 2016 as a second-hand product trading platform and acquired by Trendyol in 2018. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. This decrease was primarily due to the general decrease in the average fair market value of the awards granted. The reduced loss from Trendyol is primarily due to revenue growth and enhanced operating efficiency. The committee is chaired by Mr. Daniel Zhang, Chairman and Chief Executive Officer, and the members are Mr. Joseph C. Tsai, Director and Executive Vice Chairman, Mr. J. Michael Evans, Director and President, and Ms. Maggie Wu, Director and former Chief Financial Officer. Innovation Initiatives and Others Adjusted EBITA and adjusted EBITA margin by segments as well as a reconciliation of income from operations to adjusted EBITA are set forth in March Quarter Information by Segments above. *Required fields The platform provides logistics, payment, curation, and consignment services. Sozco is an online newspaper-selling company. They can observe the images that are sent by buyers or read the comments of other customers. Total revenue generated by Cainiao, before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB18,915 million (US$2,754 million), an increase of 15% compared to RMB16,451 million in the same quarter of 2022. China Commerce For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate. (ii) Segment adjusted EBITA Turkeys No. Net cash provided by operating activities was RMB31,401 million (US$4,572 million). The year-over-year decrease in share of profit of Ant Group was mainly due to decrease in net investment gains from the investments of Ant Group previously made. (i) Segment revenue Fan JIANG, Director and Chief Executive Officer We intend to structure the spin-off in the most tax-efficient way for our shareholders. CB Insights Intelligence Analysts have mentioned Trendyol in 3 CB Insights research briefs, most recently on Apr 5, 2023. BUSINESS HIGHLIGHTS The following table sets forth a breakdown of our revenue by segment for the periods indicated: Product development expenses Product development expenses in the quarter ended March 31, 2023 were RMB13,880 million (US$2,021 million), or 7% of revenue, compared to RMB10,944 million, or 5% of revenue, in the same quarter of 2022. Submit Your Analyst Briefing Missing: Trendyol 's Product & Differentiators Maggie Wei WU, Director (Director, Alibaba Group) Alibaba became a shareholder of the company by acquiring the shares of 3 international shareholders in Trendyol. 65,99 . Customers are allowed to postpone the arrival time or change the arrival address after ordering the product. It was founded in 2007 and is based in Istanbul, Turkey. (2) Legal Disclaimer I Fraudulent Requests I Sitemap I Privacy Notice I Form CRS, Our Investment Approach and Global Opportunity Set. Consumers in selected countries enjoy free shipping, free returns and quality delivery guarantees when placing orders on Choice. Alibaba became a shareholder of the company by acquiring the shares of 3 international shareholders in Trendyol. The latest Alibaba transaction reportedly valued the company at USD 9.4 billion. The combined order volume of these businesses grew 15% year-over-year for the quarter ended March 31, 2023. The company operates as B2C and C2C for consumers in Turkey. The directors and CEOs of the six major business groups approved by Alibaba Groups board of directors are: Alibaba Group became a shareholder of Trendyol in 2018. Sales and marketing expenses Sales and marketing expenses in the quarter ended March 31, 2023 were RMB24,931 million (US$3,630 million), or 12% of revenue, compared to RMB27,200 million, or 13% of revenue, in the same quarter of 2022. Cainiao continues to expand its international logistics network by strengthening its end-to-end logistics capabilities. 05/18/2023 | 07:09am EDT The increase was mainly attributable to the growth in revenue generated by Trendyol and Lazada. Cainiao Alibaba investedanother USD 350 million earlier this year to increase its stake in the Turkish firm to 86.5%. Apply. The Turkish fashion sales firm counts the likes of Tiger Global, Kleiner Perkins, and Earlybird Venture Capital as backers. We will leverage our strong team, our extensive technological capabilities, and Turkeys strengths in manufacturing and logistics to become a leading player in EMEA and to create new export channels for Turkish merchants and manufacturers., Melis Kahya Akar, managing director and head of consumer business for EMEA at General Atlantic, said, Trendyols marketplace model, which spans everything from grocery delivery to mobile wallets, brings convenience and ease to consumers in Turkey and internationally. In March, Fliggys domestic hotel booking value grew over 70% compared to the same period in 2019 driven by a surge in business and recreational travel demand. As investors in leading e-Commerce businesses around the world and across EMEA in particular, we are thrilled to partner with the talented Trendyol team to achieve the Companys vision in Turkey and across EMEA.. The best offer from Trendyol changes depending on what products you're interested in and when you shop. It was founded in 2015 and is based in Turkey. (ii) Segment adjusted EBITA Free cash flow, a non-GAAP measurement of liquidity, was RMB171,663 million (US$24,996 million). DingTalk, our intelligent collaboration workplace and application development platform, offers new ways of working, sharing and collaboration for modern enterprises and organizations. Win whats next. Adjusted EBITA, a non-GAAP measurement, increased 13% or RMB17,514 million year-over-year to RMB147,911 million (US$21,538 million), primarily due to narrowed adjusted EBITA losses of Local consumer services, International commerce and Digital media and entertainment, as well as an increase in China commerce adjusted EBITA. The reduced loss from Trendyol is primarily due to revenue growth and enhanced operating efficiency. In addition to Alibaba, the founding partner of the company, Demet Mutlu holds 6.96% of the companys shares while Evren ok owns 5.55%, Begm Tekin owns 0.78%, and Zeki Gl Kaya owns 0.21% of the shares. During the quarter ended March 31, 2023, Taobao Deals and Taocaicai significantly narrowed losses year-over-year, mainly driven by optimized spending in user acquisition and improving overall operating efficiency. Most Relevant. )% We remain focused on improving the customer value proposition of our Taobao app by (i) increasing media content that strengthens consumer engagement, (ii) being more price competitive through more effective targeting and introduction of new marketing features and (iii) catering to consumers time-sensitive needs for high-frequency everyday necessities through our neighborhood retail businesses. (1) External Capital Raising for Alibaba International Digital Commerce Group Taocaicai continues to drive category penetration in high purchase frequency categories of groceries and fresh produce on our China retail marketplaces. Digital media and entertainment adjusted EBITA in fiscal year 2023 was a loss of RMB1,874 million (US$273 million), compared to a loss of RMB4,690 million in fiscal year 2022, primarily due to the narrowing of loss from Youku driven by disciplined investment in content and production capability. The following table sets forth a breakdown of share of results of equity method investees for the periods indicated. Alibaba International Digital Commerce Group (including Lazada, AliExpress, Trendyol, Daraz, Alibaba.com and other businesses) Beginning on October 1, 2022, we reclassified the results of our Instant Supermarket Delivery () business, which was previously reported under China commerce segment, to Local consumer services segment following the strategy refinement of Instant Supermarket Delivery business to focus on building customer mindshare for grocery delivery services through Ele.me platform.
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