Wednesday, October 3rd, 2018

Amazon Raises its Minimum Wage
Press Release
Press Release (UK)

Amazon announced that it’s increasing its minimum wage to $15 for all employees across the United States, and over £10 for the London area.

The move comes after the company received criticism on its compensation for warehouse workers.

The tech giant states that “more than 250,000 Amazon employees, as well as more than 100,000 seasonal holiday employees, will benefit from the new, higher pay.”

The new wages will be in effect on November 1st.

Credit Karma Moves into Insurance
Press Release

The personal finance company announced that it’s expanding within the Insurance space to let customers in California and Texas view auto insurance options based off of what other users “are paying for the same coverage.”

The move looks to arm its 80 million members with the best decision on their insurance policy and curb the issue of auto insurance mispricing. According to Credit Karma, “Americans overspend on auto insurance by nearly $21 billion per year.”

The company stated that it plans to use data and insights from the “DMV and other sources” to be used in its new auto product.

Walmart Acquires a Plus-Size Women’s Apparel Brand
News Release
News Release (Additional)

The retail giant announced that it plans to acquire Eloquii, a plus-sized women’s clothing brand “specifically designed for women size 14 and up.”

The category represents a $21B market opportunity in one of “the fastest growing segments in women’s apparel.” Eloquii will join Walmart’s “portfolio of digitally native vertical brands, which includes ModCloth, Bonobos, and Allswell.”

Terms of the deal were not disclosed, however, Recode reports, citing sources familiar with the deal, that the company looks to purchase the fashion brand at $100 million.

The deal is expected to close before the end of the year.