Latest news with #onlinemarketplace
Yahoo
2 days ago
- Business
- Yahoo
EU says Temu in breach of rules to prevent sale of illegal products
BRUSSELS (Reuters) -The European Commission on Monday said Chinese online marketplace Temu was breaking EU rules by not doing enough to prevent the sale of illegal products through its platform. The EU's findings could ultimately lead to a fine of up to 6% of Temu's annual global turnover, the Commission said. "Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform," it said in a statement about Temu. "Specifically, the analysis of a mystery shopping exercise found that consumers shopping on Temu are very likely to find non-compliant products among the offer, such as baby toys and small electronics." The Commission said Temu's risk assessment was inadequate as it was based on general industry information, not on the specifics of its platform. It said that if the Commission's preliminary findings were ultimately confirmed, Temu would be found in breach of the Digital Services Act. "Such a decision could entail fines of up to 6% of the total worldwide annual turnover of the provider and order the provider to take measures to address the breach," it said. Temu can respond to the EU's findings in the coming weeks, an EU spokesperson said, without giving an exact deadline. A Temu spokesperson said the company would continue to "cooperate fully" with the Commission. The findings relate only to one aspect of a broader ongoing EU investigation into Temu, the Commission said. Temu is also suspected of breaching EU rules relating to the use of addictive design features, the transparency of its recommendation systems and its access to data for researchers.
CNA
2 days ago
- Business
- CNA
EU says Temu in breach of rules to prevent sale of illegal products
BRUSSELS :The European Commission on Monday said Chinese online marketplace Temu was breaking EU rules by not doing enough to prevent the sale of illegal products through its platform. The EU's findings could ultimately lead to a fine of up to 6 per cent of Temu's annual global turnover, the Commission said. "Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform," it said in a statement about Temu. "Specifically, the analysis of a mystery shopping exercise found that consumers shopping on Temu are very likely to find non-compliant products among the offer, such as baby toys and small electronics." The Commission said Temu's risk assessment was inadequate as it was based on general industry information, not on the specifics of its platform. It said that if the Commission's preliminary findings were ultimately confirmed, Temu would be found in breach of the Digital Services Act. "Such a decision could entail fines of up to 6 per cent of the total worldwide annual turnover of the provider and order the provider to take measures to address the breach," it said. Temu can respond to the EU's findings in the coming weeks, an EU spokesperson said, without giving an exact deadline. A Temu spokesperson said the company would continue to "cooperate fully" with the Commission. The findings relate only to one aspect of a broader ongoing EU investigation into Temu, the Commission said.
Reuters
2 days ago
- Business
- Reuters
EU says Temu in breach of rules to prevent sale of illegal products
BRUSSELS, July 28 (Reuters) - The European Commission on Monday said Chinese online marketplace Temu was breaking EU rules by not doing enough to prevent the sale of illegal products through its platform. The EU's findings could ultimately lead to a fine of up to 6% of Temu's annual global turnover, the Commission said. "Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform," it said in a statement about Temu. "Specifically, the analysis of a mystery shopping exercise found that consumers shopping on Temu are very likely to find non-compliant products among the offer, such as baby toys and small electronics." The Commission said Temu's risk assessment was inadequate as it was based on general industry information, not on the specifics of its platform. It said that if the Commission's preliminary findings were ultimately confirmed, Temu would be found in breach of the Digital Services Act. "Such a decision could entail fines of up to 6% of the total worldwide annual turnover of the provider and order the provider to take measures to address the breach," it said. Temu can respond to the EU's findings in the coming weeks, an EU spokesperson said, without giving an exact deadline. A Temu spokesperson said the company would continue to "cooperate fully" with the Commission. The findings relate only to one aspect of a broader ongoing EU investigation into Temu, the Commission said. Temu is also suspected of breaching EU rules relating to the use of addictive design features, the transparency of its recommendation systems and its access to data for researchers.
Geek Wire
22-07-2025
- Business
- Geek Wire
Rover to acquire Australia-based pet sitting marketplace Mad Paws
(Rover Image) Seattle-based Rover is set to acquire Mad Paws, a pet-sitting company that describes itself as Australia's leading online pet ecosystem. The deal is valued at about $40 million, according to a press release. Mad Paws facilitated more than 400,000 transactions in 2024 and has more than 300,00 active pet parents on its platform. The Sydney-based company, which went public in 2021 and will continue to operate as a standalone brand, has more than 300 employees. Rover intends to acquire Mad Paws' online marketplace business but not its e-commerce division. Rover bills itself as the world's largest network of pet sitters and dog walkers. The company was acquired by Blackstone last year in a $2.3 billion private equity deal. 'This transaction marks a pivotal moment for Rover's international growth and underscores our global leadership in the pet care space,' Rover CEO Brent Turner said in a statement. Rover has previously focused on expansion throughout North America and Europe, including the acquisitions of European companies Cat In A Flat (2024) and Gudog (2025). Turner was recently appointed CEO, replacing co-founder Aaron Easterly.
Reuters
21-07-2025
- Business
- Reuters
Adevinta sells its Spanish business to Sweden's EQT for $2.3 billion
July 21 (Reuters) - Norwegian online classifieds group Adevinta said on Monday it had sold its Spanish business to Swedish private equity firm EQT ( opens new tab to focus more on its remaining European units. The deal gave the Spanish business an enterprise value of around 2 billion euros ($2.3 billion), a source with knowledge of the matter told Reuters. Adevinta's Spanish unit comprises six marketplaces ranging from job-search platform Infojobs and real estate website Fotocasa to classified sites for second-hand cars and motorbikes and Adevinta, owned by a consortium led by Blackstone (BX.N), opens new tab and Permira, also owns German online car sale webpage and French and Italian second-hand marketplaces Leboncoin and Subito. The deal is the latest in a string of planned or completed asset sales by Adevinta. The company has agreed to sell its stake in Austria's consumer marketplace Willhaben and is mulling the listing of German online auto marketplace In 2020, EQT bought Spanish rival real estate ads platform Idealista and sold it four years later, keeping a minority stake. ($1 = 0.8579 euros)
