Alibaba Group Holding Ltd. failed to properly oversee merchants and allowed the sale of counterfeit products on its e-commerce platforms, according to a Chinese government report.
The franc’s record surge may prompt luxury watch retailers in Hong Kong to absorb some of the price increase from Switzerland’s high-end timepiece makers as demand stays weak amid a slowing Chinese economy.
Alibaba Group Holding Ltd., China’s biggest e-commerce company, fell for a fourth day in New York, extending a retreat from its November high as the peak shopping season ended and investors await quarterly results expected next month.
Hong Kong is expected to report a drop in October retail sales on Monday, providing the first broad look at the impact of pro-democracy protests on core shopping areas after demonstrators blocked key roads and scared off mainland Chinese tourists.
Cie. Financiere Richemont SA, the world’s largest jewelry maker, reported first-half operating profit that missed analysts’ estimates as luxury-goods demand in Asia weakened.
Qatar Investment Authority agreed to pay about HK$4.78 billion ($616 million) for a stake in a Hong Kong department store operator as the sovereign wealth fund diversifies its global portfolio.
Worldwide luxury-goods sales could increase this year at the slowest pace since 2009 as spending falls for the first time in China and turmoil in Hong Kong and Russia curbs tourist consumption.