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R|T: The Retail Times – South Korean Retail Unicorn to Establish Presence in Toronto

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Karrot, a South Korean technology unicorn, has made significant strides in expanding its presence in Canada, reaching a major milestone of one million registered Canadian users just two years after launching its trust-focused peer-to-peer marketplace. To support its continued growth and expansion in North America, Karrot has chosen Toronto as the location for its engineering hub. The company cited the city's diversity and its wealth of mobile and artificial intelligence talent as key factors in its decision. Over the next year, Karrot plans to build a team of 15 to 20 engineers in Toronto to drive its continental expansion.
 
Karrot's success in Canada builds upon its remarkable track record in South Korea, where it has become a leading marketplace app, facilitating the buying and selling of second-hand goods within local communities. With over 22 million app downloads and 18 million monthly active users, the company has transformed from a simple marketplace to a full-fledged community app. As Karrot sets its sights on global expansion, its choice of Toronto as its North American engineering hub demonstrates the city's growing reputation as a center of technological innovation and a desirable location for international tech companies.
 
Gildan Activewear finds itself embroiled in a complex situation, as former CEO Glenn Chamandy is reportedly refusing to cooperate with an external investigation into his conduct around the time of his dismissal last December. The Canadian clothing manufacturer, which is already engaged in a proxy fight with activist investor Browning West over control of the company, now faces the added challenge of Chamandy's reluctance to provide information to the investigator. The controversy surrounding Chamandy's departure has already had financial implications for Gildan, as the company recently disclosed the initial costs associated with the decision to terminate his employment. These expenses have contributed to a 19% drop in Gildan's first-quarter profits, adding to the mounting pressures facing the company. With the ongoing proxy battle and Chamandy's uncooperative stance, Gildan Activewear's leadership faces a daunting task in resolving these issues while minimizing the impact on the company's financial performance and shareholder confidence.
 
It's clear that the Canadian tech industry is facing some significant challenges and undergoing rapid change, as evidenced by BetaKit's recent Town Hall event. The event featured conversations with prominent figures in the industry, including Shopify CEO Tobi Lütke, Cohere co-founder Ivan Zhang, MedEssist co-founder Joella Almeida, and Tulip Retail founder Ali Asaria, as well as a panel discussion with four founders at different stages. The discussions at the Town Hall highlighted current challenges and opportunities in Canadian tech, with attendees expressing their views on the state of innovation, productivity, and optimism in the industry. The event provided a valuable platform for industry leaders to come together, share their perspectives, and discuss the future of Canadian tech. In addition to the Town Hall, recent initiatives introduced by the Ontario Securities Commission (OSC) aim to support early-stage businesses and angel investor groups through temporary dealer registration exemptions and an extension of the self-certified investor prospectus exemption. These initiatives, which are part of the OSC's TestLab, will help to gather data and inform future policymaking.
 
Amazon has announced an extension to the grace period for its controversial low-inventory fee, which has faced backlash from the company's sellers. Initially set to go into effect on April 1, the fee will now be credited back for any charges incurred through May 14, 2024. This extension aims to alleviate the concerns of merchants, who rely on the Fulfillment by Amazon (FBA) program for storage and shipping. Under the new policy, sellers who don't maintain sufficient inventory in Amazon's warehouses will be charged a fee. However, the fee will not apply to products that have sold fewer than 20 units in the previous seven days, starting from May 15. Amazon explained that this change is due to the unpredictability of managing inventory levels for low-volume products.
 
In addition, Amazon will credit sellers for any charges resulting from excessive inbounding and processing times on the company's end. For example, charges incurred in May due to these delays will be credited back by June 15. Furthermore, a time-bound exception will be granted for products featured as "Lightning Deals" and "Best Deals" during Prime Day 2024, recognizing that inventory levels may fluctuate due to increased sales during this event.

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