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 — Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday it agreed to buy a controlling stake in online retailer Lazada for about $1 billion to expand its platform into Southeast Asia.
Alibaba would invest about $500 million in newly issued Lazada shares and acquire shares from shareholders of Lazada for a total of about $1 billion.
Lazada operates in Singapore, Malaysia, Indonesia, the Philippines, Thailand and Vietnam.
In a separate announcement, Britain's biggest supermarket operator Tesco Plc said it agreed to sell an 8.6 percent stake in Lazada to Alibaba for $129 million.
By Rama Venkat Raman; editor: Gopakumar Warrier.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
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.