Alibaba news and archive

China's Alibaba says annual revenue up six percent year-on-year

Internet giant Alibaba posted on Thursday a six percent increase in annual revenue, the latest positive sign for China's tech sector despite persisting economic uncertainties. The firm's revenue during the fiscal year ended March 31 totalled 996.3 billion yuan (138.2 billion dollars), according to results posted to the Hong Kong Stock Exchange,...

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Alibaba sells majority share in Sun Art Retail Group

Chinese marketplace giant Alibaba has announced the sale of over 7.5 billion shares in the Sun Art Retail Group Limited, offloading its 78.7 percent stake in the retail chain. Alibaba Subsidiaries and New Retail entered into a sale and purchase agreement with the purchaser, DCP Capital, at a total consideration of around 12.3 billion Hong Kong...

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Korea’s Shinsegae partners with China's Alibaba Group

Korean departmental stores chain Shinsegae has formed a strategic partnership with China’s Alibaba Group, to strengthen its position in South Korea’s e-commerce market. According to the Reuters report, the company said in a regulatory filing that the joint venture will be formed partly by Shinsegae investing its 100 percent stake in South Korean...

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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...

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'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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...