Core Viewpoint - Spangle, an AI e-commerce startup founded by former Bolt CEO Maju Kuruvilla, has raised $15 million in a Series A funding round, achieving a post-money valuation of $100 million [1][2] Funding and Growth - The Series A funding round was led by NewRoad Capital Partners, with total funding reaching $21 million, including previous seed funding of $6 million at a pre-money valuation of $30 million [1][2] - Since ending its stealth mode in March last year, Spangle has signed contracts with nine enterprise clients, including fashion retailers Revolve, Alexander Wang, and Steve Madden, with a combined online sales total of approximately $3.8 billion [2] Product and Technology - Spangle's core approach involves directing shoppers to a blank page, which is then filled in real-time by its proprietary AI model, ProductGPT, based on various signals such as shopper behavior and context [3] - The platform has seen a month-over-month traffic growth of about 57%, with all clients expanding their use of the software [2] Performance Metrics - Brands using Spangle have reported a nearly 50% increase in revenue per visit, a doubling of advertising return on investment, and a 15% increase in average order value [7] - Revolve's VP of performance marketing noted a 60% increase in advertising ROI and a 50% revenue growth per visit due to Spangle's software [7] Market Position and Trends - Spangle is positioned as a potential "Shopify" for AI-driven e-commerce, focusing on building infrastructure rather than incremental fixes [8] - The company aims to adapt to the trend of AI-mediated shopping experiences, as consumers increasingly rely on AI tools for product discovery [8] Future Plans - Following the new funding, Spangle plans to increase R&D investment, expand its engineering team, and build a comprehensive sales system [10]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The revenue performance of Taiwanese manufacturing companies in November showed divergence, with lululemon's Q3 performance exceeding expectations, particularly in the mainland China market, while the North American market remains under pressure. The CEO of lululemon will resign in January 2026, and it is expected that the proportion of new products for the spring season will reach 35% [2][5]. Summary by Sections Industry Overview - In November 2025, the revenue of Taiwanese manufacturers such as Yuanyuan, Fengtai, Yuchi, Zhiqiang, Laiyi, and Ruhong showed year-on-year changes of -2.4%, -11.8%, +6.6%, +3.1%, -5.8%, and +1.5% respectively. Cumulative revenue from January to November showed year-on-year changes of +0.9%, -4.9%, +21.2%, +14.7%, +6.2%, and +3.8% [5]. Company Performance - For lululemon's Q3 (ending November 2), revenue was $2.57 billion, a year-on-year increase of 7%, surpassing Bloomberg's consensus estimate of $2.48 billion. The net profit attributable to shareholders was $310 million, a year-on-year decrease of 12.8%, also exceeding expectations [5]. - In terms of regional performance, Q3 revenue in the Americas, mainland China, and other regions showed year-on-year changes of -2%, +47%, and +19% respectively [5]. Future Outlook - The report suggests that the performance of the export manufacturing sector is expected to recover in 2026 due to three main factors: the implementation of U.S. tariff policies, reduced burden of tariff costs shared with brands, and improved efficiency from optimized production line allocation [5]. - Recommended companies include Huayi Group, Jiuxing Holdings, Shenzhou International, and Chaoying International Holdings, with a focus on home textiles, luxury goods, and undervalued high-dividend companies [5].