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.
China’s Alibaba Group Holding reported second-quarter revenue on Thursday that was in line with analysts’ estimates as the country’s retail sector recovers from the effects of pandemic-fueled lockdowns.
The Chinese e-commerce giant posted revenue of 224.79 billion yuan ($31.01 billion) in the quarter, compared with analysts’ average estimate of 224.32 billion yuan, according to LSEG data.
By Akash Sriram
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Alibaba Banks on Aggressive Singles Day Pricing to Recoup Sales Mojo
China’s Alibaba is pressuring merchants to offer rock-bottom prices on its marketplaces in this year’s Singles Day extravaganza.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
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.