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.
Chinese media outlet The Passage reported that the firm, which owns Tiktok and Douyin among other apps, plans to unveil an e-commerce app for international consumers in October, Technode reports.
The venture, if realised, will be Bytedance’s attempt to take on Alibaba’s B2C marketplace AliExpress, which also sells products made in China to people living outside the mainland and was founded in 2010. Bytedance has its work cut out: according to 36Kr, AliExpress is currently China’s largest cross-border e-commerce player, covering over 200 markets and serving more than 150 million users outside China.
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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.