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.
BEIJING, China — The Chinese government is targeting 38 trillion yuan ($5.7 trillion) in e-commerce per year by 2020, and a near doubling that again to 67 trillion yuan by 2025, according to a document issued on Wednesday.
E-commerce sales grew 21.2 percent in China last year to 16.2 trillion yuan, the state news agency Xinhua has previously reported, citing the consultancy iResearch.
By Jake Spring and John Ruwitch; editor: Kim Coghill.
Chinese e-commerce giants Alibaba and JD.com have faced increasing competition in recent years from low-cost platforms, such as PDD Holding’s Pinduoduo and ByteDance-owned Douyin.
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.