In today’s top retail news, Mattel executives are confident they can overcome supply chain issues, while Google is looking at making moves in India’s social commerce space. Also, Carvana is under scrutiny after dozens of customer complaints, and the Federal Trade Commission says Amazon customers were conned out of $27 million between July 2020 and June 2021 by scammers.
Toy giant Mattel said its performance has been largely unimpeded by supply chain issues that have plagued nearly every company for months, saying it is well prepared to provide consumers with enough toys to put under the Christmas tree this year. Mattel said net sales in the third quarter were up 7% compared to the same period in 2020, to $1.8 billion; eCommerce sales now account for one-quarter of the company’s sales.
Search engine behemoth Google is reportedly exploring a possible $50 million to $75 million investment in social commerce company Meesho, part of the India-based company’s latest fundraising round that could push it to a $4.9 billion valuation. The move comes as part of Google’s pledge to invest $10 billion in India, with investments already made in Indian startups Dailyhunt, Glance and others.
Carvana customers have filed dozens of complaints with local officials and hundreds more with the Better Business Bureau related to wrong paperwork, delays getting their vehicle’s documentation and other issues with the nine-year-old online auto retailer. In Michigan, Texas, North Carolina and California, Carvana has faced repercussions from government officials and civil lawsuits, though a Carvana spokeswoman said the company is focused on improvement.
Scammers stole about $27 million from Amazon customers through about 96,000 incidents reported to the Federal Trade Commission, according to a blog post on the FTC’s website. The FTC said reports about companies pretending to be Amazon increased fivefold during that year, and about 6,000 people who reported an Amazon-related scam said they lost money in the scheme, with an average median loss of $1,000.