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.
SHANGHAI, China — China's Alibaba Group Holding Ltd has fully acquired online ticketing platform Damai.cn, the e-commerce giant said on Tuesday, marking a further push into entertainment by the firm as it expands beyond its core online retail business.
"Ali announces its acquisition of Damai, part of our big entertainment strategy," the firm said on its Sina Weibo platform. Alibaba first invested in Damai in 2014. "This continues an earnest three-year romance."
In a separate post Damai said it was happy to join the "Alibaba family". It also reposted a statement from a senior Alibaba executive saying this meant Alibaba now owned 100 percent of the firm.
Alibaba said in a statement to Reuters that the full acquisition of Damai "fits nicely into our 'health and happiness' strategy and forms a strategic part of the value chain in our media and entertainment business."
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"Damai.cn will be a powerful platform to distribute our media content as well as expand our user reach and engagement," Alibaba said, adding there would be synergies with its own entertainment units Alibaba Music, Alibaba Pictures and Youku.
By Adam Jourdan; editor: Stephen Coates.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.