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.
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.
Alibaba Group will invest 100 billion yuan ($15.5 billion) by 2025 in support of "common prosperity", it said, becoming the latest corporate giant to pledge support for the initiative driven by President Xi Jinping.
Louis Vuitton and Bulgari on Tuesday joined a legion of brands in dropping Chinese-Canadian pop idol Kris Wu, as sexual assault allegations swirling around the star drew condemnation across Chinese social media.
Fashionistas have been predicting the death of haute couture for over decade, but when the next Paris haute couture season debuts next week, it will boast more live catwalk shows than any fashion season this year.
Burberry continues to explore gaming as a key marketing channel and has announced its “first exploration into the world of NFTs”. It’s partnering with Mythical Games on a limited-edition Blanko in Blankos Block Party.
The Federation de la Haute Couture et de la Mode has released estimates revealing that collectively all its catwalk seasons in Paris so far in 2021 scored a Media Impact Value of nearly a quarter of a billion euros.
China is preparing a substantial fine for Tencent as part of its sweeping antitrust clampdown on internet giants, but it is likely to be less than the $2.75 billion penalty imposed on Alibaba earlier this month.