The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
HANGZHOU, China — Alibaba Group Holding Ltd. said it's being investigated by the US Securities and Exchange Commission over its accounting practices and whether they violate federal laws.
The company is providing documents and cooperating with the probe, according to the Hangzhou, China-based company’s annual report. The investigation is looking at consolidation practices, related party transactions and data reported from its Singles’ Day promotion.
Singles’s Day is Alibaba’s biggest shopping day, attracting more than 90 billion yuan ($13.7 billion) of sales on its e-commerce platforms in a 24-hour period last year.
“The SEC advised us that the initiation of a request for information should not be construed as an indication by the SEC or its staff that any violation of the federal securities laws has occurred,” the company said. “This matter is ongoing, and, as with any regulatory proceeding, we cannot predict when it will be concluded.”
Alibaba's shares were down 2.2 percent in early trading in New York to $79.35. They are little-changed this year through the market's close Tuesday.
By Natasha Khan; editors: Robert Fenner and Molly Schuetz.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.