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.
Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Baidu Inc. are among companies that have been ordered to pay a total of 21.5 million yuan ($3.4 million) in fines by China’s competition watchdog, the latest round of penalties in the nation’s ongoing crackdown on monopolies.
The companies must pay 500,000 yuan ($78,000) for each of the 43 antitrust violations, the State Administration for Market Regulation said in a statement on Saturday.
President Xi Jinping declared his intention in March to go after “platform” companies that amass data to create monopolies and Beijing has been increasing antitrust oversight over China’s sprawling private sector, especially in the digital realm.
Alibaba was slapped with a $2.8 billion levy earlier this year for abusing its market dominance, while food-delivery leader Meituan was fined $533 million last month for violating anti-monopoly regulations.
Learn more:
Five Ways China’s E-Commerce Landscape Is Changing
From rethinking livestreams to doubling down on data in their supply chains, global brands need to keep up with local players to compete for a slice of China’s multi-trillion-dollar e-commerce market.
Doubts about the country’s post-pandemic recovery is making investors, and perhaps shoppers, nervous.
The brand known for its traditional and ornate Chinese aesthetic will be one of the first major C-beauty players to go global when it touches down in the US and Japan later this year.
To unleash the full potential of ‘China’s Silicon Valley’ luxury brands must invest more in the vibrant city at its core and better understand the local mindset.
Western brands shifting supply chains away from China hope to reduce disruptions caused by geopolitical tensions but ‘friendlier’ sourcing hubs aren’t always feasible.