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Luxury fashion marketplace Farfetch opens trading on NYSE at $27, a pop of 35 percent

It’s been a strong year for tech IPOs so far, and it looks like today’s debut of Farfetch — a UK-based shopping site for luxury fashion — is on trend, so to speak. The company opened trading today — on NYSE under the ticker FTCH — at $27, making for a decent pop of 35 percent. The opening followed the company announcing late Thursday evening that it had priced its IPO at $20/share to raise $885 million from the sale of 44,243,749 Class A shares. This was above the expected range of $17 to $19, and gives the company a market cap of $5.8 billion . The stock is now creeping up and is currently at $29.45 and has gone as high as $30.58/share . This is generally a very strong showing for Farfetch, for e-commerce, and also for those who are working in the area of online sales focused not on bargains and the middle-to-lower end of the market, but the higher-priced end aimed at luxury goods — a market that was estimated to be worth $307 billion in 2017 and projected to reach $446 billion by 2025 (according to Bain, and cited in the original IPO filing ). Notably, in that filing, the company had put in a provisional marker for raising $100 million, which in the end was much lower than what it raised. At the time it was speculated that Farfetch would reach a valuation of anywhere between $6 billion and $8.37 billion — but it fell short of that. As we have noted before , Farfetch was an early mover in the area of building e-commerce marketplaces specifically catering to the luxury fashion and other luxury goods industries. This end of the market was somewhat slow to embrace digital shopping: the belief was that for higher-end goods, you needed higher-end, more personalised and in-person service at beautiful boutiques. With that backdrop, Farfetch started out by working with boutiques and fashion houses that had yet to establish any kind of online commerce profile of their own. “These sellers have been cautious in their adoption of emerging commerce technologies,” as Farfetch puts it in their IPO filing. By pooling them together, Farfetch was able to create a high-end experience that was bolstered by its scale and reach. In the meantime, the average shopper for luxury goods has come a long way: at the younger end they are digital natives and expect to buy online (some even bypass sites altogether and only do so through messaging platforms ), and there are a lot more of them, coming from cities far from fashion centers like London, Paris and New York.

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GoPro’s Hero 7 camera trio leaked

The early leaks were true, and then another leak ruined everything. Spotted by The Verge, retailer B&H has released all the details (prices and release date aside) on the Hero 7 action camera family, and the focus this year is on the basics -- th...

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Netflix comes to Sky Q boxes in November

Earlier this year, Sky announced that it would allow its customers to access Netflix through its set-top boxes. Now the company has revealed that the streaming giant will hit Sky Q boxes in November, and how exactly the whole thing will work.

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Evernote just slashed 54 jobs, or 15 percent of its workforce

It’s no secret that Evernote , the productivity app that lets people take notes and organize other files from their working and non-work life, has been trying to regain its former footing as one of the most popular apps in the U.S., and that doing so has been an ongoing struggle. Just two weeks ago, we reported that Evernote had lost several of its most senior executives, including its CTO Anirban Kundu, CFO Vincent Toolan, CPO Erik Wrobel and head of HR Michelle Wagner. Now, Chris O’Neill — who took over as CEO of Evernote in 2015 after running the business operations at the Google X research unit — is sharing more demoralizing news with employees. To wit, he’s firing dozens of them. At an an all-hands meeting earlier today, he told gathered staffers that Evernote has no choice but to lay off 54 people —  roughly 15 percent of the company’s workforce — and to focus its efforts instead around specific functions, including product development and engineering. We’ve reached out to the company for more information about what the move means for Evernote. In the meantime, this newest development certainly doesn’t look encouraging. In fact, a person who tipped TechCrunch off to the executive departures two weeks ago characterized Evernote as “ in a death spiral ,” saying that user growth and active users have been flat for the last six years and that the company’s enterprise product offering hasn’t caught on. It’s worth noting that in addition to shoring up its ranks, Evernote may soon be facing a funding shortage, if these layoffs were’t prompted by one. The company has raised nearly $300 million over the years, including from Sequoia Capital, New Enterprise Associates, and T. Rowe Price, but the last round it raised, according to Pitchbook, was a $6 million mezzanine round that closed in 2013. You can learn more about what happened today via a note that O’Neill just sent to staffers.

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Review: iPhone XS, XS Max and the power of long-term thinking

The iPhone XS proves one thing definitively: that the iPhone X was probably one of the most ambitious product bets of all time. When Apple told me in 2017 that they put aside plans for the iterative upgrade that they were going to ship and went all in on the iPhone X because they thought they could jump ahead a year, they were not blustering. That the iPhone XS feels, at least on the surface, like one of Apple’s most “S” models ever is a testament to how aggressive the iPhone X timeline was. I think there will be plenty of people who will see this as a weakness of the iPhone XS, and I can understand their point of view. There are about a half-dozen definitive improvements in the XS over the iPhone X, but none of them has quite the buzzword-worthy effectiveness of a marquee upgrade like 64-bit, 3D Touch or wireless charging — all benefits delivered in previous “S” years. That weakness, however, is only really present if you view it through the eyes of the year-over-year upgrader. As an upgrade over an iPhone X, I’d say you’re going to have to love what they’ve done with the camera to want to make the jump. As a move from any other device, it’s a huge win and you’re going head-first into sculpted OLED screens, face recognition and super durable gesture-first interfaces and a bunch of other genre-defining moves that Apple made in 2017, thinking about 2030, while you were sitting back there in 2016. Since I do not have an iPhone XR, I can’t really make a call for you on that comparison, but from what I saw at the event and from what I know about the tech in the iPhone XS and XS Max from using them over the past week, I have some basic theories about how it will stack up. For those with interest in the edge of the envelope, however, there is a lot to absorb in these two new phones, separated only by size. Once you begin to unpack the technological advancements behind each of the upgrades in the XS, you begin to understand the real competitive edge and competence of Apple’s silicon team, and how well they listen to what the software side needs now and in the future. Whether that makes any difference for you day to day is another question, one that, as I mentioned above, really lands on how much you like the camera. But first, let’s walk through some other interesting new stuff. Notes on durability As is always true with my testing methodology, I treat this as anyone would who got a new iPhone and loaded an iCloud backup onto it.

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