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Execs at TaskRabbit are gonna be eating a lot more lingonberries...
[The Hustle]( Fri, Sep 29
Ikea makes a gig economy play
The home furnishings giant (and [meatball paradise]( just [acquired]( the contract labor company TaskRabbit for an undisclosed sum.
Reportedly, TaskRabbit, which has raised $50m to date and is currently profitable, will operate as an independent subsidiary at Ikea and the companyâs current CEO, Stacy Brown-Philpot, will stay onboard, along with her staff.
The deal makes a whole lot of sense -- the most commonly requested task on TaskRabbit is literally [assembling Ikea furniture]( -- and itâll finally give Ikea customers respite from the [hellish experience]( of putting together a Hemnes dresser on their own.
Giggity giggity
Launched back in 2008 as RunMyErrand, TaskRabbit was one of the first âgig economyâ companies, relying on a vast swath of part-time workers to carry out various tasks for people in return for small sums of money.
Today, the company only has about 60 employees, and the backbone of its business is the 60k independent workers who use the platform to make extra cash (or scrape together a living).
Why is this a good move for Ikea?
This works out a few ways for the Swedish company.
First, theyâre feeling the heat from Amazonâs recently-bolstered home goods offerings, and theyâve been looking for a way to boost up their [digital arm]( to compete.
But it also seems like a long-overdue answer to their customersâ main gripe: assembling Ikea furniture is a major [pain in the ass](
In [2012]( the company started offering YouTube videos that give tutorials on the assembly of some of their more difficult offerings, but with TaskRabbit, theyâll have the resources to offer a speedier, better alternative for anti-DIYâers.
Fits together like parts F-12 and A-3
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The guy who brought McDonaldâs to India is raging against the Mac-chineÂ
62-year-old [Vikram Bakshi]( managing director of Connaught Place Restaurants Limited (CPRL), first brought the Big Mac to India as a franchisee in 1996 -- and McDonaldâs has been [trying to push him out]( ever since.
Indiaâs growing middle class makes it an especially lucrative market for multinationals like Mickey Dâs -- and back in â08, they tried to buy Bakshi out for a measly $5m, but lilâ Vikky refused, citing evidence that his share was actually worth $331m.
So McDâs fired him
In 2013, the chain [tried to oust him]( from CPRL, alleging mismanagement of finances, and that he had leased out his property to a rival company.
But Notorious Vikram B. wasnât going down that easy: he sued to be reinstated (claiming âoppression and mismanagement), have his stake revalued -- and to maintain control of 169 branches without interference from corporate.Â
In other words, Vickmaster Flex has gone rogue, and thereâs not much Ronald, Hamburglar, or anyone else can do about it.
Except cut off his ketchup supply
McDonaldâs has been pressuring Baby Got Bakshiâs suppliers to stop shipping to CPRL, and in August, his ketchup supplier, Cremica Food, [stopped sending product]( without warning, and his tomato supplier has done the same.
Last year, an Indian court finally agreed to advance McDonaldâs case, and Vikky Minaj is due to appear on October 25th. In the meantime, heâll be slanginâ burgers sans condiments.
[Old Dirty Bakshi](
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H&M made a boo boo
In its latest [earnings report]( the Swedish clothing retailers acknowledged that it might have sliiightly overestimated how much shopping people actually do in-store.
Itâs hitting their bottom line hard -- their profits have dropped around 20% compared to this time last year.
In the midst of this kerfuffle, CEO Karl-Johan Persson has finally stepped out of his cryogenic chamber, with this sage realization: âThe fashion retail sector is growing and is in a period of extensive and rapid change as a result of ongoing digitalisation.âÂ
Yeah, Karl⦠it is
As of July, H&M had a global store count of 4,133, and for the last few years, their in-store profits have dropped pretty rapidly.Â
That was all supposed to change in February when it announced it would be expanding e-commerce into more markets, but while their e-commerce sales have been growing, itâs still a drop in the bucket compared to the amount of cash their stores have been hemorrhaging.Â
Looks like itâs time for some adjusting
H&M plans to close around 90 stores this year to correct for their overestimation, but theyâre still going to [open more new stores]( than it closes, focusing only on regions where there is room to grow.
And as far as finally moving their business model into this decade, they plan to be online in 43 new markets by the end of the year.
[The shoes⦠theyâre in the computerâ¦](
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Pornhub lends the blind a handy
Last year, the worldâs leading adult site made headlines when they introduced a â[Described Video]( category for the blind, giving an extensive description of each video through a scripted voiceover.
Now, theyâre thrusting their efforts to help the visually impaired even further by offering enlarged text, customized colors, and [keyboard shortcuts](.
Pulling out all the stops
According to Chris Danielsen, Director of Public Relations at the [National Federation of the Blind]( screen-reader technology is dated and canât accurately read or analyze pictures.
But Pornhubâs screen-reader will now recite the name of the link or button, enabling the user to better, uh⦠enjoy his or her experience.
Setting the exampleÂ
While there are obviously some moral issues surrounding the adult industry, Pornhub has historically positioned itself as a socially responsible digital spank bank.
Back in 2014, they launched the âGive America Woodâ campaign, promising to plant a tree for every 100 porn videos watched. To date, theyâve spread more seed than [Johnny]( himself ([13,471]( trees, to be exact).
The âhub is the 38th largest site on the internet, and they wield a tremendously big stick when it comes to setting an example on the internet. Itâs nice to occasionally see them put that big stick to good use.Â
[Wearing the nice-guy pants](
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friday shower thoughts
- It's not fair that coffee stains your teeth brown, but milk doesn't stain them white.
- Mosquitoes are essentially used, flying, dirty needles.
- Picking up a tiny piece of paper would take 2 seconds, but instead, we run it over 100 times with a vacuum at different angles.
- I bet the person who invented the car cigarette lighter never dreamed it would one day be used to charge a cigarette.
- I wonder if Gordon Ramsay lays in bed at night thinking of metaphors for undercooked foods and snickers to himself.
- via [Reddit](
This edition of The Hustle was brought to you by
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