Shopify loses investor Mawer over competition, Deliverr deal
BNN Bloomberg
Shopify lost one of its longtime supporters after Mawer Investment Management’s Vijay Viswanathan said he exited the stock over concerns about rising competition and risks in e-commerce.
Ottawa-based Shopify became Canada’s most valuable public company during the pandemic, soaring above US$200 billion in market value, but the stock has plummeted 75 per cent this year.
Mawer first invested in the e-commerce software provider in 2017, two years after it went public, and later trimmed its position as the stock went up, Viswanathan said. But the business of e-commerce is getting “crowded,” he said, citing a move by Amazon.com Inc. to combine payment and fulfillment services and make them available on other websites -- a direct encroachment on Shopify’s turf.
