French cosmetics giant L'Oreal on Thursday said it had reached a "constructive and satisfactory solution" following a dispute about prices during Alibaba Group's Singles Day shopping promotion early this month.
China's Alibaba Group Holding Ltd on Thursday missed market expectations for second-quarter revenue, as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints.
Chinese ecommerce titan Alibaba enjoyed record sales during its Singles Day shopping extravaganza, giving a much-needed boost to the firm after a torrid year in which it became the symbol of a government crackdown.
Celebrity virtual appearances and flashy deals kicked off Alibaba Group Holding Ltd's final 24 hours of its Singles' Day shopping event on Thursday, hoping to draw shoppers as it preaches sustainability this year.
China will continue its scrutiny of the internet sector, rooting out practices including the blocking of site links by rival platforms and ensuring smaller players have room to develop, its industry minister has said.