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 — Industrial & Commercial Bank of China Ltd. said it's teaming up with the finance unit of internet retailer JD.com Inc. to offer digital banking services.
Customers will be able to request credit services such as proof-of-deposit slips through the online platform, the Beijing-based bank said in a statement Monday. The logistics unit of JD.com will deliver the documents to the customer’s home.
ICBC’s cooperation with JD.com, the operator of China’s second-biggest online mall, is the latest example of a bank collaborating with a technology firm in areas beyond e-commerce. Banks have become less reliant on physical branches to expand their business as online services continue to gain popularity.
By Alfred Liu, with assistance from Heng Xie; editors: Marcus Wright, Russell Ward and 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.