The FGB Digest brings you the latest news on the world’s fastest growing direct-to-consumer and challenger brands. In today’s edition: Nike closing 9 wholesale accounts; Tandem Bank acquires Allium; Zoom EV exceeds seed funding target.
Nike closing 9 wholesale accounts
It's no secret that sports apparel behemoth, Nike, is focused on owning the relationship with its consumers directly, so it may come as little surprise that Nike is reportedly shutting down nine of its wholesale accounts, including Dillard's, Fred Meyer and Zappos. This is according to an analyst note from Susquehanna Financial Group, with the move being called positive, as it allows Nike to take control of its destiny. Only US-based retailers appear in the list, so it begs the question as to how Nike intends to approach its wholesaler relationships internationally.
FastGrowthBrands has talked in-depth about the challenges for brands working with retailers, including lack of transparency, something even giants like Nike will be affected by. This step, if true, not only will allow Nike to focus on core retailer partnerships, but also to hone its direct approach. A direct-to-consumer relationship will allow Nike to understand and learn from its consumer in a way no retailer partnership can offer, making it better, more efficient, and more agile.
Tandem Bank Acquires Allium
Tandem Bank, the UK-based consumer finance company, on a mission to free us of our money misery, with its credit cards and savings products, has announced it has acquired Allium Lending Group as part of a £60m fundraising deal.
If you haven't heard of the UK-based acquiree, it is a green lender, helping customers make their homes more environmentally friendly and energy efficient, through financing solutions such as home insulation or double glazing.
Through the acquisition, which was first announced back in March, when the target firm remained nameless, Tandem will introduce: "green savings and mortgage products, together with new innovative digital solutions to let customers directly contribute to reducing their environmental impact."
Zoom EV exceeds seed target
Zoom (no, not the video conferencing software) has raised nearly £260,000 on crowdfunding platform, CrowdCube, at a £3m pre-money valuation. The amount raised exceeds the £250,000 target, with 6 days remaining to invest.
Zoom EV (also knows as Zoom) is an electric vehicle company, led by founder and CEO Greg Fairbotham, with the mission to be the leading MaaS (mobility-as-a-service) provider, bringing together the growing EV and 'sharing' economies to combat climate change.
Through a sharing platform connecting EV owners to users, an EV benefits bundle for drivers, and EV insurance, Zoom is aiming to create an electric ecosystem, and be an integral and environmentally-friendly part of a potential £140bn sharing economy.