Faced with an erosion of its growth on the domestic market, Alibaba has announced the creation of separate divisions for its Chinese and international activities, and heralded the arrival of a new CFO.
This year marks the 10th anniversary of Alibaba’s 11.11 shopping festival and the Chinese e-tailer is celebrating the occasion with 180,000 brands, 200,000 offline smart stores and a ‘see now, buy now’ fashion show.
Alibaba Group Holding Ltd reported better than expected top line results on Friday, driven by strong sales in its commerce and cloud computing units, even as margins were squeezed by flurry of investments.
Alibaba said it will invest an additional $2 billion in Southeast Asian e-commerce firm Lazada Group and replace its CEO, consolidating its control over the firm as it targets an aggressive expansion in the region.
Amazon on Wednesday launched its subscription-based Prime service in Singapore that provides access to fast shipping, streaming and gaming, intensifying competition with rival Alibaba-backed Lazada in Southeast Asia.
Estee Lauder’s stock hit a record high after the cosmetics maker forecast holiday-quarter sales ahead of market expectations Wednesday, banking on demand for its acquired makeup brands that are popular with millennials.