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.
ByteDance, the parent company of TikTok and its Chinese version Douyin, saw revenues last year more than double to at least $35 billion, according to figures quoted by Bloomberg and as much as $37 billion, according to media outlet The Information, which first reported on the financials of ByteDance, a privately-held company. Both outlets cited unnamed sources familiar with the matter.
A healthy growth of ad sales by its Chinese apps was responsible for the revenue growth, offsetting the impact from India’s ban on TikTok and the US’s threat of a ban. The Chinese tech titan also recorded over $7 billion in operating profit during the same period, increasing from the less than $4 billion generated the year before.
TikTok has grown in importance as a marketing tool for fashion and beauty brands during the pandemic, during which it has been enthusiastically embraced by a valued cohort of Gen-Z consumers.
From customer loyalty types to its pillars of personalisation, SAP Emarsys customer engagement provides more than 1,500 companies with personalised marketing campaigns via AI-powered analytics, including Puma, Aldo and Reformation. BoF learns more.
Before fashion businesses can put artificial intelligence to work or target the right shoppers online, they need good data and a deep understanding of who their customers are and what they want. This case study offers a guide for brands that want to truly know their customer, allowing them to make smarter decisions that serve shoppers and drive results.
The US House of Representatives approved a bill that could ultimately lead to a ban of the app, but its path forward remains far from certain.
BoF welcomed business leaders, technologists and creative innovators to share their insights on how the fashion industry can navigate new frontiers in AI, shifts in digital culture and advancements in immersive technologies. Watch on-demand now.