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eBay rejects GameStop’s US$56bn bid
Global e-commerce company eBay Inc. has described a US$56 billion (A$77.3 billion) takeover proposal from smaller retailer GameStop Corp as “neither credible nor attractive". “The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” eBay Chairman Paul Pressler said in a news release. eBay considered factors like its standalone prospects, uncertainty about the bid’s financing, the impact on the long-term growth and profitability, leverage, operational risks and leadership structure of a combined entity and the implications of these for valuation, and GameStop's governance and executive incentives. A retailer focused on video games, gaming hardware, collectibles and consumer electronics and well known for a 700% one week share price surge in 2021 driven by retail investors, GameStop is offering $125 per share cash and shares. Pressler said he was confident eBay was well-positioned to continue to drive sustainable growth, execute with discipline and deliver long-term value for shareholders. “Our team remains focused on executing our strategy and driving our business forward in the best interests of the company, our shareholders, our employees, and
Retail
The Founders: Bringing a heritage brand back to life
Toni Briggs-Brown re-launched TH Brown after realising the 115-year-old heritage furniture brand still had legs. Following taking over the brand, Briggs-Brown defined herself as a refounder of the business as she was refining the brand and bringing it into the future. “To me, every founder is not taking anything from someone who finds a founder of a new business or a founder of a new brand, but making the commitment to relaunch a brand and take it to the next generation,” she tells Azzet. “That's probably where we came from with that refounder positioning.”Booming industryThe Australian furniture industry was growing by around 5.98% each year in 2025, with the typical Australian household sending around A$3,016 per year on furniture and household equipment. In 2024, the market was valued at $10.86 billion and is expected to grow to $15.35 billion by 2030. While the furniture industry is competitive, Briggs-Brown also emphasises how supportive it can be. “For the most part, I’ve found that everyone is supportive,” she says. “I think it’s because if we all succeed, if people are committed to buy Australian-designed or Australian-manufactured, that supports the whole industry.” Australia is currently the compa
Retail
GameStop bids US$55.5bn for eBay
Games retailer and meme stock GameStop has offered to buy eBay, a company almost four times its size, for around US$55.5 billion (A$77.27 billion). GameStop currently has a 5% stake in eBay, and has bid $125 per share split equally between cash and stock. GameStop CEO Ryan Cohen said he aims to transform eBay into a rival to Amazon and boost its valuation to “hundreds of billions of dollars” if the transaction completes. “GameStop Corp. today submitted a non-binding proposal to acquire 100% of eBay Inc. at $125.00 per share in cash and stock. The offer represents a 46% premium to eBay’s unaffected closing price on February 4, 2026, the day GameStop started accumulating its position in eBay,” GameStop wrote. “eBay spent $2.4 billion on Sales & Marketing in fiscal 2025 while only adding one million net active buyers,” per GameStop. “GameStop will deliver $2 billion of annualised cost reductions within twelve months of closing.” According to eBay, the bid was unsolicited, and it had no discussions with GameStop beforehand. It said its board would review the proposal. GameStop said it had a commitment letter from TD Securities to provide up to $20 billion in debt financing, along with the company’s existing $9.4 billion
Retail
Accent Group facing ASIC investigation, cuts guidance
Clothing retailer Accent Group has said it is under investigation by ASIC and has downgraded its half-year earnings guidance, with shares falling 13.4%. ASIC is investigating Accent for potential insider trading of the company’s shares between 23 May and 10 June 2025. Accent’s brands include The Athlete’s Foot, Platypus, and Glue Store. “The Company has received notices from ASIC requiring it to provide all reasonable assistance (including the production of documents) in connection with an ASIC investigation,” wrote Accent in an ASX announcement. No charges have been filed and there are no specific allegations against Accent, the company said. “The Company has cooperated with ASIC and intends to continue to do so.” According to Accent, ASIC has told the company to preserve communications from CEO Daniel Agostinelli, non-executive director Michael Hapgood, and another senior employee. Accent said Agostinelli’s on-market share sales were pre-approved by the company’s then-chair David Gordon, and that Agostinelli has the board’s support as CEO. Hapgood has denied trading in Accent’s shares during the investigated time period. Accent also lowered its earnings forecast for fiscal 2026’s second half. It now projects EB
Retail
eBay beats estimates with strong volume growth
eBay beat earnings and revenue estimates last quarter as gross merchandise volume surged. Earnings per share were up 21% year-over-year to US$1.66, above the Zacks consensus estimate of $1.58. Revenue increased 19% to $3.10 billion, surpassing estimates by 2%. "eBay's first quarter results marked a strong start to the year," said CEO Jamie Iannone. ”We accelerated GMV growth and delivered performance ahead of expectations.” “Our Focus Categories, C2C [consumer-to-consumer] and recommerce strategic priorities are driving broad-based momentum, and strengthening our position as the marketplace of choice for enthusiasts.” Gross merchandise volume grew 18% to $22.20 billion. Volumes in the United States were up 27% to $11.50 billion, while international merchandise volume increased 10% to $10.69 billion. Advertising revenue represented 2.6% of gross merchandise volume and generated $581 million in total revenue during the quarter. First-party advertising products delivered $555 million in revenue, a 33% increase. Income from operations was $611 million, unchanged from one year ago. Operating expenses rose from $1.28 billion to $1.68 billion, with sales and marketing, product development, and general and administrative

Retail
The Founders: Getting succession plans right
Succession is one of the greatest issues facing Australian family businesses as the country hurdles towards an A$3.5 trillion wealth transfer. While 48% of baby boomer business owners plan to exit within the next five years, only 24% have formal succession plans in place. According to the Grant Thornton 2025 Family Business Report, both the incoming and outgoing generations said succession planning was in their top three challenges. “Both generations share this challenge because succession planning is complex and often uncomfortable to talk about, requires strategic foresight, emotional readiness, and it’s fair to say, succession is still thought of alongside retirement,” Family Business Consulting partner and national head, Kirsten Taylor-Martin, said. One business that managed to successfully pass on the business after creating a succession plan is the workplace supply company COS. Sister Belinda and Amie Lyone were forced to ramp up their roles as Co-CEOs in 2024 after their father and business founder, Dominique, unexpectedly passed away in 2024. Despite this tragedy, Belinda tells Azzet that the transition as leaders of the company was easy for Amie and herself, as they had already begun succession plans in
Retail
Nike announces 1,400 job cuts
Nike has announced a round of layoffs that will impact around 1,400 employees across the organisation, mostly concentrated in its technology department. In a press release, the company said it was part of the final stretch of its Win Now turnaround strategy. The layoffs are aiming to reshape its technology team, modernise its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply. “Collectively, these changes will result in a reduction of approximately 1,400 roles in Global Operations, with the majority in Technology,” Nike COO Venkatesh Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.” The layoffs, which will affect employees across North America, Asia and Europe, represent less than 2% of Nike’s total workforce. Nike said affected employees will be notified beginning Thursday. This comes as CEO Elliot Hill has been working to turn Nike around after years of losses. In January, the company announced 775 job cuts primarily at its U.S.-based distribution centres, due to the company’s work in accelerating its use of automation. At the time, N
Retail
Nike beats estimates amid turnaround, China sales fall
Nike beat earnings and revenue estimates last quarter, though its China sales continued to slide amid the company’s ongoing turnaround efforts. Revenue was flat year-over-year at US$11.28 billion, above LSEG consensus estimates of $11.24 billion. Earnings per share were $0.35, falling 35% but surpassing estimates of $0.28. “This quarter we took meaningful actions to improve the health and quality of our business. The pace of progress is different across the portfolio and the areas we prioritised first continue to drive momentum," said Nike CEO Elliott Hill. “The work is not finished, but the direction is clear, our teams are moving with focus and urgency, and our foundation is getting even stronger to build the future of Nike.” Nike’s revenue in Greater China continued to slide, falling by 7% to $1.62 billion last quarter. This was above StreetAccount estimates of $1.50 billion, however. While its North America revenue increased 3% to $5.03 billion, this was just below estimates of $5.04 billion. Europe, Middle East & Africa revenue rose 2% and Asia Pacific & Latin America revenue was up 1%. The company has been seeking to revive its sales worldwide. Revenue fell 10% in its 2025 fiscal year, while earnings per sh
Retail
Retailers warn of price hikes if M.East war continues
Retail firms have warned that prices could soar if the war in the Middle East continues beyond the short term. British retailer Next said clothing prices could rise by 4% to 10% if the conflict continues beyond September, as factories are hit by higher fuel and fabric costs. The company has accounted for £15 million (US$20 million) of additional costs due to the conflict, assuming the disruptions last three months. It also said prices could rise by around 1% from June or July, as the disruption dragged on until then. Increased costs didn’t affect guidance as the company said they have been offset by savings elsewhere. “Beyond the next three months, if we see these costs persist, then we will begin to pass costs through as higher pricing,” the company said. The Middle East accounts for around 6% of Next’s total turnover. This comes as Next released its most recent earnings. The company raised its profit guidance by £8 million to £1.2 billion for the year to January 2027 after better-than-expected sales in January this year. Pre-tax profits rose by 14.5% to £1.16 billion in the year to January as sales increased by almost 11% to £7 billion. The company said it has increased the amount of stock it holds