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.
China’s Alibaba Group Holding Ltd reported a 34 percent rise in quarterly revenue on Tuesday, helped by growth at its cloud computing and e-commerce businesses.
Ant Group, the fintech affiliate of Alibaba Group, recorded a quarterly profit of about 13.48 billion yuan for the quarter ended March, according to the Chinese e-commerce giant’s filing.
Alibaba, which holds about a third of Ant, posted a profit of 4.49 billion yuan for the quarter ended June 30 from its investments in the financial conglomerate.
Alibaba’s revenue rose to 205.74 billion yuan ($31.83 billion) in the first quarter, from 153.75 billion yuan a year earlier.
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By Nivedita Balu; Editor: Shounak Dasgupta
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After $260 Billion Slide, Alibaba Aims to Show the Worst Is Over
The Chinese tech and retail giant has vowed to change practices deemed anti-competitive and support merchants in a bid to move on from recent regulatory troubles.
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.