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.
HONG KONG, China — Chinese conglomerate Fosun International Ltd said it has teamed up with Alibaba Group Holding Ltd and other parties in a logistics project valued at about 5 billion yuan ($816 million).
Fosun is required to contribute 500 million yuan for its 10 percent interest, the company said in a filing late on Wednesday, implying that the total value of the project is around 5 billion yuan.
Alibaba, China's largest e-commerce services provider, established the consortium which will invest as much as 100 billion yuan ($16.34 billion) over the next five to eight years to develop logistics to improve delivery in China's booming e-commerce sector, the South China Morning Post reported on Wednesday.
It is the second major investment announced by Fosun this week after it revealed earlier that it was joining AXA Private Equity and other shareholders to offer 17 euros a share for the stock they do not already own in Club Mediterranean.
ADVERTISEMENT
Fosun's shares ended 13 percent higher on Wednesday, outperforming the main Hang Seng Index's 1.6 percent fall.
By Donny Kwok; Editing by Lee Chyen Yee and Stephen Coates
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.