Alibaba news and archive

China's Alibaba says to sell department store arm for 1.3 billion dollars loss

China's Alibaba said Tuesday that it had agreed to sell department store chain Intime at a $1.3 billion loss, as the tech giant trims down its operations with competition intensifying in the country's cutthroat e-commerce market. Alibaba said in a statement to the Hong Kong Stock Exchange that Intime would be sold to "a consortium of purchasers...

Business

'Alibaba Group invests in Korean fashion platform Ably with a view to European expansion'

Alibaba Group, the parent company of Alibaba, AliExpress, Tmall and Taobao, among others, is investing 68 million euros (100 billion won) in the Korean online fashion platform Ably. The investment is aimed at the global expansion of the platform, with an emphasis on the US, Europe and Asia. This is reported by Asian press, including Korean...

Business

Chinese tech giant Alibaba posts 5 percent quarterly revenue growth

Chinese tech and e-commerce giant Alibaba on Friday reported moderate revenue growth of five percent in its latest quarter, as Beijing works to stimulate domestic spending. The Hangzhou-based firm operates some of China's most widely used online shopping platforms, making its performance a bellwether for consumer sentiment. Alibaba's revenue...

Business

Chinese giant Alibaba is courting Italian luxury houses

Chinese conglomerate Alibaba Group Holding's Lazada is eyeing Italian luxury houses such as Giorgio Armani and D&G, in a bid grow e-commerce sales to 100 billion dollars by 2030. Having premium European fashion and design brands in its portfolio would stave off other Asian competitors, reported Bloomberg. The company's executives recently...

Business

Chinese tech giant Alibaba's quarterly profit shrinks 29 percent

Beijing - Chinese e-commerce giant Alibaba reported a 29 percent fall in quarterly profit on Thursday as it battles sluggish consumption during an economic slowdown. Net income attributable to shareholders came in at 24.3 billion yuan ($3.3 billion) in the quarter ending June 30, Alibaba said in a corporate filing, down from 34.3 billion yuan in...

BusinessFeatured

LVMH strengthens partnership with Alibaba

French luxury conglomerate LVMH Moët Hennessy Louis Vuitton has announced it is deepening its partnership with Chinese e-commerce and technology giant Alibaba to “redefine luxury retail experiences in China”. In a statement, LVMH said the extended partnership aims to push the boundaries of the luxury experience in China by leveraging Alibaba’s...

Business

Chinese tech giant Alibaba posts 8 percent rise in revenue for past fiscal year

Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. The Hangzhou-based company is one of the biggest players in China's tech industry, with operations spanning retail, digital payment, artificial intelligence...

Retail

Casadei launches on Tmall Luxury Pavilion

Italian luxury footwear brand Casadei has opened a flagship store on Alibaba’s leading e-commerce platform, Tmall Luxury Pavilion, as part of its continued global expansion and digital strategy plans. In a statement, Casadei said its launch on Tmall would allow it to connect with the “vibrant and digitally savvy Chinese market,” while...

Business

Alibaba announces 25 billion dollars in additional share buybacks

Chinese e-commerce giant Alibaba Group will increase its share buyback programme by 25 billion dollars, the company announced Wednesday, as it published disappointing quarterly results. In the quarter ending March 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said in a statement -- but...

Business

JD.com wins years-long lawsuit over monopoly practices against Alibaba

Chinese e-tailers Alibaba and JD.com can, for now, bury their hatchet. JD.com will receive one billion yuan (equivalent to 110.25 million pounds) from Alibaba as a years-long lawsuit comes to an end, Reuters reported. The e-tailers have been accusing each other of monopoly practices since 2017. According to the court, Tmall, Alibaba's brand...

People

Alibaba shifts top leadership amid restructuring plan

Chinese e-commerce giant Alibaba Group has announced the appointment of Eddie Yongming Wu as the chief executive officer of the group and chairman of Taobao and Tmall Group, effective immediately. Alongside this, Wu will also serve as chief executive officer of the two subsidiaries. He replaces Daniel Zhang, who will be stepping down the group’s...

Business

Alibaba reportedly injects 634 million dollar capital into Lazada

Chinese marketplace giant Alibaba Group is believed to have injected a further 634 million dollars into its Southeast Asia e-commerce subsidiary, Lazada. The reported amount brings Alibaba’s total investment into the firm to over 1.8 billion dollars this year, according to Tech in Asia. It comes as Alibaba continues to readjust strategies to...