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 — Billionaires Jack Ma and Joseph Tsai are using their own money to buy back Alibaba Group Holding Ltd. shares as the company prepares to repurchase as much as $4 billion of its own stock.
The founders of China’s largest e-commerce company will participate in the buyback as affiliates, according to a regulatory filing. The filing didn’t disclose how much Ma and Tsai will spend.
Alibaba is trying to revive a share price battered by concerns about the slowdown in the Chinese economy less than a year after going public. Revenue at the Internet company rose 28 percent, the slowest pace in at least three years, to 20.2 billion yuan ($3.2 billion) last quarter.
Ma and Tsai have seen their personal wealth eroded by the share price plunge. Ma is currently worth $31.5 billion, according to data compiled by Bloomberg.
By Lulu Yilun Chen; editors: Michael Tighe, Suresh Seshadri, Edwin Chan.
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.