Alibaba Group chairman Jack Ma will step down from the Chinese firm on Tuesday, leaving his handpicked successor a daunting task of steering the $460bn firm when the market for its core e-tail business has slowed.
Alibaba Group Holding Ltd will buy e-commerce business Kaola from Chinese gaming company NetEase Inc for $2 billion, adding a platform that specializes in supplying luxury goods from abroad to Chinese consumers.
Luxury titan Bernard Arnault on Friday confirmed that LVMH is already actively using blockchain for several of its luxury brands, as the French billionaire and high-tech fan presented the latest Innovation Award.
E-commerce giant Alibaba Group's quarterly revenue grew at its weakest pace since 2016, as the impact of a slowing Chinese economy and a crippling Sino-U.S. trade war kept buyers away during its top sale season.
Alibaba Group cashed a record 213.5 billion yuan ($30.7 billion or £23.8 billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest-ever rate.
China’s Alibaba lowered its full-year sales forecast on Friday due to concerns about the economic impact of a U.S.-China trade spat, which the company expects will dent revenue ahead of its top sale season.
Swiss watchmaker Audemars Piguet is on track to hit 1 billion Swiss francs ($1.04 billion) in global sales this year, the firm’s chief executive said, amid a revival in luxury demand in China driving up watch sales.
As Alibaba's founders announce their investment in Rent the Runway and Kering plans to test a new subscription system, the luxury industry is preparing to respond to a new consumption mode that heralds a revolution.