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 — The founder of Alibaba Group has defended the e-commerce giant's stance against counterfeit goods and expressed regret over a lawsuit filed by the owner of luxury brands Gucci and Yves Saint Laurent.
Jack Ma said Tuesday his company cooperates with brand owners to fight counterfeiting and has a large staff of employees dedicated to that.
A lawsuit filed by France's Kering SA last week in a U.S. court accuses Alibaba of cooperating with and profiting from sales of counterfeit goods.
Speaking at a news conference in Seoul, Ma said, "We express regret about the company's choice to sue us and not to cooperate with us to fight against counterfeit goods."
Ma complained the lawsuit was "creating internal conflict" rather than cooperation to fight a "common enemy."
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.