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"We have invested significantly in our Victorian operations this year to ensure we can continue to improve delivery promises to customers in the state," said Amazon Australia's director of operations, Craig Fuller.

The new Melbourne facility will be built at the Horizon 3023 estate in Ravenhall which is owned by Dexus along with the wholesale property fund it manages and Dexus' partner, GIC, in a logistics trust.

The 127-hectare site will ultimately be home to as much as 400,000 sq m of commercial and industrial property, worth around $500 million as it is built out over the next five to seven years.

The Amazon lease takes commitments at Horizon 3023 to around 100,000sq m. The estate's first tenant,  food manufacturer and distributor Scalzo Foods, was secured last year and its 35,300sq m purpose-built facility is due for completion in December. Meal-kit company Hello Fresh has also signed up as a tenant.

Morris is determined that public company status won't alter the ethos of the group, although she accepts that it will bring extra pressure. The stock closed at $5.81 on Tuesday, 14 per cent lower than its issue price.

"I don’t think the listing on the ASX changes the foundations of our business, our strategy or our values,'' she says.

"It’s true that as a public company, our financial and operational performance will clearly be more visible in the market."

"To be fair it's the largest and I think it's probably the most anticipated. We are very positive on the business," he added. "We think that Kate [Morris] and [chief executive] Tennealle [O'Shannessy] and Adore management are very good and we love investing in businesses alongside founders that own a significant portion of the shares."

"The biggest risk is you have a lot of offshore peers in this e-commerce sector in the US and in Europe that are trading at much higher multiples than their Australian peers are now, if you get a period where those valuations come off that may impact the Australian stocks," he said.

Andrew Mitchell, senior portfolio manager at Ophir Asset Management, said Adore's e-commerce credentials were a strong selling point for the company.

"In the current market you are going to have to pay a pretty penny for an industry-leading online business but that is just the reality at the moment and we think it’s worth it in this case."

Another trend working in Adore's favour, according to Mr Mitchell, was customer loyalt

"Repeat business is high with Adore creating a great customer experience, not least of which is the sugar hit you get with the Tim Tam in every delivery," he said.

"Next up for Adore will be a further extension of the product categories that can be sold to this sticky customer base."

H&M has today launched its Australian website, after announcing the venture in January this year.

From today, Australian customers will be able to shop the H&M range across women's, men's and kids' clothing, footwear and accessories.

Launching with a focus on sustainability and transparency, customers will be able to easily find the origin of a product, the countries it was produced in and the suppliers and factories where it was made on the website.

H&M Australia country manager Thomas Coellner said the business is thrilled to expand its omni-channel offering.

"We are very excited to finally launch H&M online in Australia and to be able to offer our fashion collections to customers nationwide anytime, anywhere.

"We now have 40 stores across the country and this significant milestone extends H&M’s omni-channel offering," he said.

For the first time globally, H&M's Australian website is launching online at the same time as its loyalty program, H&M Member.

To celebrate, customers will receive a discount off their first purchase when joining the program and will be able to access personalised discounts, invitations to exclusive events, free shipping with purchases over $60 and free returns for all online orders.

Members will also receive a digital membership card in the H&M mobile app which will allow them to pay using buy now pay later solution, Klarna.

Bankers ask fundies to sign an NDA, send over a pathfinder prospectus, book them in for a confidential management presentation, and ask them to bid for stock in a private bookbuild a few days later.

The deals come together pretty quickly which is good for institutional investors with 20 deals on their watchlists, more certain for issuers who may be having trouble firming up forecasts in light of the economic environment, and helpful for bankers trying to underwrite deals in markets that are still more volatile than normal.

Apple’s anticipated iPhone 12 lineup has finally arrived.

Apple unveiled its first 5G iPhone, called the iPhone 12, during its event on Tuesday. As expected, the company announced four versions of the iPhone 12: the standard model, a 5.4-inch version called the iPhone 12 mini, the 6.1-inch iPhone 12 Pro, and the 6.7-inch iPhone 12 Pro Max.

The iPhone 12 mini and iPhone 12 Pro Max will be launching on November 13, while the iPhone 12 and iPhone 12 Pro will become available on October 23 in Australia.

Apple typically introduces its new iPhones every September, but the company said back in July that it expected supply of its iPhone to arrive several weeks later because of the coronavirus pandemic.

Analysts are expecting the iPhone 12 to be one of Apple’s biggest iPhone launches in years, primarily because a larger than usual number of active iPhones around the world are due for an upgrade.

The company also introduced a brand-new smart speaker called the HomePod mini, which costs $149 in Australia and launches in November.

Here’s everything Apple announced at its iPhone event.

Apple finally unveiled the iPhone 12, one of the four new 5G smartphones the company announced on Tuesday.

The iPhone 12 comes with a number of other improvements, such as a new design with flat, smooth edges, an upgrade to Apple’s Super Retina XDR OLED screen – which offers richer contrast and deeper black tones than the iPhone 11’s LCD screen – and a new Ceramic Shield front cover.

Apple claims the Ceramic Shield technology quadruples drop performance, meaning it should be much better at withstanding accidental falls. The standard iPhone 12 comes with a 6.1-inch screen, making it around the same size as the iPhone 11.

All iPhone models in the United States, including the standard iPhone 12, will support millimetre wave 5G, the higher frequency version of the network. Apple brought Hans Vestberg, Verizon Communication’s CEO and chairman, to discuss 5G.

All new iPhones run on Apple’s A14 Bionic chip, which Apple announced last month when introducing the iPad Air. The iPhone 12 features a dual camera system that the company claims is much better at taking in light, making it perform better in dim scenarios.

The iPhone 12 comes in blue, green, black, white, and red and starts at $1,349 in Australia.

The iPhone 12 mini

Apple is also launching its new iPhone in an all-new size with the introduction of the iPhone 12 mini.

The iPhone 12 mini has all of the same features as the iPhone 12, from its dual camera to its colour options, Ceramic Shield, and A14 Bionic processor.

But as its name implies, the iPhone 12 mini comes with a smaller 5.4-inch screen. The iPhone 12, by comparison, features a 6.1-inch display.

The iPhone 12 mini is available in the same colours as the iPhone 12, but starts at a lower price of $1,199 in Australia.

The iPhone 12 Pro and iPhone 12 Pro Max

The new iPhone 12 Pro and iPhone 12 Pro Max are the latest generation of Apple’s high-end devices. Like the lower-cost iPhone 12, the Pro models feature a new design with sleek, squared-off edges, similar to the latest iPad Pro. The devices come in four colours: silver, graphite, gold, and Pacific blue.

Like the iPhone 11 Pro and Pro Max, both new devices will have an OLED display, which will provide for deeper blacks and brighter colours than LCD screens. The glass in the Pro models also uses the new Ceramic Shield technique.

The iPhone 12 Pro will have a 6.1-inch display, while the iPhone 12 Pro Max will have a 6.7-inch display, which is the largest-ever on an iPhone.

Both devices will run on the A14 Bionic chip, which Apple says should provide better performance with improved energy efficiency. The devices will also have a three-camera array that includes a wide lens, ultra-wide lens, and telephoto lens capable of 4X optical zoom. When it comes to video, the iPhone 12 Pro and Pro Max will be able to record in Dolby Vision HDR.

The Pro and Pro Max will also come equipped with a Lidar sensor, which is able to build a depth map of a scene to aid with mapping, augmented reality, and photos and videos. The devices will have faster autofocus and improved night mode thanks to the Lidar sensor.

Like the iPhone 12, both devices will be 5G-enabled.

The iPhone 12 Pro and iPhone 12 Pro Max will have a starting storage of 128 GB. The iPhone 12 Pro will start at $1,699 in Australia and will be available to preorder on October 16 – it will start shipping October 23. The iPhone 12 Pro Max will start at $1,849 in Australia and will be available to preorder on November 6 for shipping on November 13.

A new HomePod mini

Apple also announced a follow-up to the HomePod smart speaker it launched in 2017: the HomePod mini which will cost $149 in Australia.

As its name implies, the HomePod mini is much more compact than the original version and also features a more rounded shape. One of its marquee new features is Intercom, a capability that lets users send messages or notifications to other Apple devices throughout the home.

Like its predecessor, Apple is also touting the HomePod mini’s audio, saying that it offers 360-degree sound so that the audio will remain consistent no matter where you place it in the home. It will also be compatible with iHeartRadio, TuneIn, radio.com, Pandora, and Amazon Music.

That addresses a big shortcoming of the original HomePod, which was criticised for its limited compatibility.

The HomePod mini launches during the week of November 16.

New MagSafe accessories

Apple announced more than just new iPhones on Tuesday. It’s also introducing a line of new accessories and chargers powered by its MagSafe technology.

MagSafe accessories, as the name implies, use magnets and a wireless charging coil to snap to the back of the iPhone. Apple is launching a MagSafe charger for the iPhone and a dual charger meant to power both the iPhone and Apple Watch, but the company says third-party accessory makers will be able to create their own products as well.

Other MagSafe accessories Apple showcased on Tuesday include cases and a wallet that easily snap on to the back of the iPhone.

Online fashion retailer The Iconic has launched a dedicated beauty destination. 

Besides fashion and sport selections, shoppers from Australia and New Zealand now can choose from a selection of beauty products from both international and local brands via The Iconic Beauty. 

The Iconic’s beauty destination features more than 80 brands, including Aesop, Foreo, L’Occitane and Dyson. The products include skincare, makeup, body-care lines and fragrances. 

“Having pioneered fast and on-time delivery, free returns and the best curation of fashion, sport and kids brands, beauty is a natural progression for The Iconic,” said CEO Erica Berchtold.

“It’s a category our customers have been asking for and an initiative we have been working hard on delivering for some time, before accelerating its launch in response to Covid-19.”

The company said it will add more beauty brands to the lineup, including Clarins, Elizabeth Arden and The Ordinary. 

The new beauty destination follows the launch of The Iconic’s Wellness offering last month.

On Thursday, Kogan.com lodged the notice of its annual general meeting on November 20.

The online retailer is seeking shareholder approval for the 6 million options it granted founder Ruslan Kogan and finance director David Shafer on May 12.

The terms of these options render them equivalent to being kissed on the d--- by a rainbow, and the next best thing to Afterpay options. Kogan’s board derived their $5.29 strike price by using the three-month volume weighted average price to April 30, which helpfully incorporated two-thirds of the ASX’s worst quarter in 33 years.

So the options were already deeply in the money on day one, with Kogan stock closing on May 12 at $8.85 (67 per cent higher than the exercise price). But that was nothing. Just five months later, they have appreciated 367 per cent over the exercise price and are worth in excess of $100 million.

Kogan’s two non-executive directors, Greg Ridder and Harry Debney, are now holding a gun at the heads of Kogan’s shareholders – excluding Kogan and Shafer themselves, who between them own 20.76 per cent of the company but are ineligible to vote on their own remuneration.

“If shareholder approval is not obtained for the grant of the retention options,” the notice of meeting states, “the company has agreed to grant [them] to Mr Kogan and Mr Shafer [anyway] within 10 business days of the meeting.”

The company will simply “purchase the relevant shares on-market” or, if for some reason that’s not possible, “the board will provide [the duo] a cash payment… equal to the value of the shares that would have been issued”. Which is currently $60.7 million for Kogan and $40.5 million for Shafer.

Incredibly, the agreement struck between the non-executive directors and Kogan’s two executive directors required the former to hand the latter their treasure regardless of whether shareholders like it or not.

Independent report

Section 211 of the Corporations Act allows a public company to give remuneration to a company officer without shareholder approval if that benefit “would be reasonable given the circumstances of the public company and the [officer’s] circumstances”. And Ridder and Debney have rustled up an independent report from the Melbourne Jewish establishment’s favourite fixer, Barry Lewin of SLM Corporate, which – luckily enough! – deemed the options grant is reasonable.

So if Kogan.com shareholders vote to reject the options grant, Ridder and Debney intend to invoke an exception to their requirement to obey shareholders. And that exception relies upon the handing of $100 million in unencumbered cash to the company’s two largest shareholders against the wishes of other shareholders being “reasonable given the circumstances”.

The circumstances are that four years ago, Kogan and Shafer owned 69.5 per cent of Kogan.com. At each and every possible opportunity since, both men have been voracious sellers of its stock. In three years flat, they have dumped more than 45 million shares, or nearly half of the entire company, in exchange for proceeds in excess of $350 million.

If only they'd waited. Half the company would now fetch $1.3 billion.

Sell your stock, experience seller’s regret, so just get the board to give it back to you. Extract another $100 million in return for merely promising not to resign badly (even as good leavers, they keep the money). That’s reasonable? Only in Australia.

Ridder and Debney are shameful characters in this cash grab. They would fail the vigour filter applied to wax figures before they’re permitted to stand in Madame Tussauds. As for Barry Lewin, punctilious remuneration consultant to the very desperate, his phone is surely ringing off the hook already. If it wasn’t for the five kilometre rule, Anthony Eisen would be camped on his doorstep.

HungryHungry co-founders Mark Calabro and Shannon Hautot have helped 1500 restaurants set up an online ordering platform. 

Thanks to the swift action of the entrepreneurs, the company managed to not only stave off a drop in revenue, but has boomed during the pandemic, increasing staff numbers from 13 to 57.

Speaking to The Australian Financial Review, Mr Hautot said "winding down or hibernating" never crossed their minds when COVID-19 struck.

"We were heavily into order-at-the-table tech, but we did have a background in pick-up and deliveries … so we doubled down on that and we experienced some pretty severe growth," he said.

From the marketing perspective, HungryHungry wants restaurants to be able to offer a discount on a particular meal or drink they know a customer likes, or if their data suggests a customer orders gluten free, promote to them that they have a new gluten free dish on the menu.

The founders opted for a modest Series A raise, with Mr Hautot saying they didn't want to dilute themselves too much at this early stage.

"We feel like we have a lot to give still," he said.

"We have a decent customer base we're leveraging off and we'd like to track toward profitability. Call us old school, but I believe companies should hit profitability and not always run at losses. When we hit profitability, we'll put more cash in.

"We'll have to raise capital again, probably within the next 12 months."

For years, she assumed someone would create a solution to tackle waste in the sector, but when this problem remained unresolved a year ago, she decided to quit her corporate career and solve it herself.

"The fashion industry has had a waste problem for a long time," she said.

"Traditionally shopping ethically and sustainably has been perceived as a luxury because of the price point, but the affordability of the re-commerce segment changes that."

Ms Comazzetto said her product for brands would enable them to offer a re-commerce service to their customer base, helping them boost sales and adding an extra level of engagement with their buyers.

According to the Australian Bureau of Statistics, about 500,000 tonnes of leather and textiles are discarded in Australia each year, amounting to 23 kilograms per person.

"AirRobe’s approach is exciting as it helps to solve fashion’s environmental predicament in a way that actually helps retailers’ bottom line," Mr Greenberg said.

Mr Sugar said the venture "ticks the box of a global opportunity in a fast-growing market".

"Hannon is a tenacious founder with unique insights into how retailers can monetise the Gen Z and Millennial trend to shop sustainably," he said.