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.
SHANGHAI, China — An investigation by The Associated Press has found that the president of an influential anti-counterfeiting group owns Alibaba stock, has close ties to a key Alibaba vice president and uses family members to run his coalition.
At issue is the independence of the small but influential International Anti-Counterfeiting Coalition, which lobbies US officials and testifies before Congress.
The coalition recently admitted Alibaba as a member, prompting companies including Gucci America and Tiffany to quit. Critics consider the Chinese e-commerce giant the world's largest marketplace for fakes.
A former member of the coalition's board said she hadn't known that its president, Robert Barchiesi, owned Alibaba stock. She says that crosses a line ethically. The coalition says Barchiesi's performance has been "exemplary" and that he has the board's support.
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.