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Wayfair’s board elects e-commerce expert

BY David Salazar

Online home furnishings company Wayfair has added e-commerce expert Romero Rodrigues to its board of directors.

Rodrigues, a 36-year-old Brazil native, is currently global CEO at South African company Naspers, which acquired his company Buscape in 2009 for $374 million.

“E-commerce is an exciting, fast growing market sector in the world’s economy and Wayfair is poised to be a major player in that growth,” Rodrigues said. “I am delighted to join Wayfair’s board of directors and look forward to contributing to the company’s continued success.”

Rodrigues stared Buscape as a site for comparison-shopping among online consumers in Latin America, and it now has 20 sites and various affiliates. Before Naspers purchased it, Rodrigues oversaw some 15 acquisitions and received funding from sources like Merrill Lynch and Great Hill Partners. At Naspers, Rodrigues oversees sources for comparison-shopping in emerging markets like Italy and Poland.

"Romero is an exceptionally talented businessman and a great visionary in the e-commerce world," Wayfair CEO, co-chairman and -founder Niraj Shah said. "We are honored to have him join our board and welcome his guidance as we continue to build Wayfair globally as a leading online destination for home goods."

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HCN Stock Watch: AWI plummets 10.42%

BY HBSDEALER Staff

Shares of Armstrong World Industries (AWI) dropped 10.42% on Monday following the release of its Q2 earnings report, which caused the company to lower its full-year guidance.

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Consumer confidence soars to 90.9

BY HBSDealer Staff

Consumer confidence pushed ahead to a new post-recession high of 90.9 in July, its highest level since October 2007, The Conference Board reported this morning.

July’s figure is also in comparison with an upwardly revised figure of 86.4 in June, where the previous post-recession high had stood.

“Consumer confidence increased for the third consecutive month and is now at its highest level since October 2007 (95.2)," said Lynn Franco, director of economic indicators for The Conference Board. "Strong job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations. Recent improvements in consumer confidence, in particular expectations, suggest the recent strengthening in growth is likely to continue into the second half of this year.”

As Franco alluded to, the Present Situation Index increased to 88.3 from 86.3, even though fewer consumers described business conditions as "good." Those saying jobs were "plentiful" increased to 15.9% from 14.6%, as those claiming they were "hard to get" remained virtually unchanged at 30.7%.

Meanwhile, the Expectations Index enjoyed the bulk of the progress, up to 92.7 from 86.4. Those expecting business conditions to improve over the next six months increased to 20.2% from 18.4%, with little change in the number of respondents expecting them to worsen. Those expecting more jobs in the near future also jumped by 2.8%, with a corresponding 2.0% decrease in those expecting fewer jobs. Additionally, a slightly larger number of consumers expect their incomes to grow.

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