Koala's Broken IPO, Lulu's Nike Hire, and Meta's $244B Year

Alex is back from iMedia (a touch fresher than Sunday morning suggested) and the lineup is loaded: Meta has officially overtaken Google in ad revenue, China has blocked the Manus AI deal that Meta was building its entire creative platform around, and Lululemon has poached its new CEO from Nike. Plus a quietly significant Aussie consolidation story that Mal cannot stop saying "just makes sense" about.

Headline story: Meta is forecasted to clock $244 billion in ad revenue this year vs Google's $239 billion — first time it's ever happened, and it's a reflection of Meta's creative-first, low-complexity positioning playing better with operators than Google's targeting-heavy legacy. We get into what it means for AU brand budgets, why founders keep telling us they trust Meta more, and the surprise CCP move that just torpedoed Meta's $2B AI bet.

• The rise of the value-seeking customer: Two Broke Chicks, refurbished tech, free alterations at Uniqlo, lifetime warranty at Nudie — when 8 in 10 shoppers are hunting deals, brands need a perceived-value playbook that isn't just discounting.
• Koala's broken IPO: Listed at $3.40, popped to $3.88, now sitting at $3.10 — 30 days in and already a sub-list-price story. The wider question: is the public market dream over for AU retail?
• Treasury Wines re-merges Penfolds: A 40% Chinese New Year sales pop, and TWE is folding its flagship back into the portfolio. Smart consolidation or a P&L masking play?
• Meta vs Google: Meta tipped to overtake Google in ad revenue for the first time ever — plus the Manus AI acquisition just got blocked by the CCP.
• Heidi O'Neill goes from Nike to Lululemon: A 26-year Nike veteran takes the Lulu top job in September. Mouse story in heaven, or more of the same?
• Edible Blooms acquires three hamper brands: Kelly and the team consolidating Dessert Boxes, Gift Baskets, and Hampers.com.au into a single 700+ SKU marketplace in a category Shopify says is growing 43% YoY.