Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[Cryptocurrencies] The market value of DogeCoin briefly hit $50 billion due to a 400% increase in the coin’s price over the past week. At that valuation, the coin was worth more than legacy firms such as Ford and Kraft Heinz. However, Dogeday (4/20) was a bust as the price of DogeCoin retreated by 20%.
Over60: Bloomberg Quint
[Commercial Real Estate] One of the UK’s most notable retail park management firms, Hammerson, sold seven of its retail parks to Canadian PE firm Brookfield for £330 million. Hammerson recorded a £1.7 billion loss in 2020 due to the pandemic. The sale marks Hammerson’s exit from the UK retail space sector, with the company now focusing on its other operations.
[Luxury Goods] Kering recorded first-quarter sales that were higher than the pre-pandemic values for the same period. Its biggest brand, Gucci, enjoyed a strong rebound as customers in China and the US spent freely due to easing Covid-19 related fears. However, Kering still lags its competitors LVMH and Hermes in terms of share prices. Kering’s shares grew by 4% since the start of 2021, compared to the 50% growth in LVMH and Hermes’ share prices.
[Streaming] Netflix announced that its subscriber base grew by just four million in the first quarter of 2021. The streaming service had 208 million active customers, just short of its own expectations of 210 million customers. For context, subscriber growth in the same period last year stood at 16 million. Shares of Netflix slid by 11% as the market reacted to the news.
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