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How the man behind the Apple Store presided over a Spac catastrophe

Financial Times LogoFinancial Times1 mo ago

How the man behind the Apple Store presided over a Spac catastrophe

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While the slides said that Enjoy was “in a category of one”, Marquee Raine also touted comparable companies such as Uber, Peloton and Carvana to support its $1bn valuation.

For the former Apple executive, the collapse into bankruptcy has scotched hopes that Enjoy would offer redemption after a disastrous stint at JCPenney, where Johnson was installed in 2011 by activist investor Bill Ackman to reinvent the mid-America department store.

In Johnson’s telling, Enjoy’s powerful back-end technology was the secret to its success.“Powered by machine learning and analytics, Enjoy’s algorithm and proprietary technology optimise the customer experience in real time to track inventory and improve efficiency,” he explained last year.


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Article Details

Author / Journalist: Ortenca Aliaj

Category: MarketsFinanceInvesting

Topics: Companies Bankruptcy Investors Apple Marquee Enjoy Spac Raine Johnson

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-05, 03:00:25

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Reading Time: 9 minutes read

Article Length: 1596 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 30349

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About Financial Times

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Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 14 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9h ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

News Language: English

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Publisher ID: #3

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