Alibaba news and archive

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...

Business

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...

Business

JD.com wins years-long lawsuit over monopoly practices against Alibaba

Chinese e-tailers Alibaba and JD.com can, for now, bury their hatchet. JD.com will receive one billion yuan (equivalent to 110.25 million pounds) from Alibaba as a years-long lawsuit comes to an end, Reuters reported. The e-tailers have been accusing each other of monopoly practices since 2017. According to the court, Tmall, Alibaba's brand...

People

Alibaba shifts top leadership amid restructuring plan

Chinese e-commerce giant Alibaba Group has announced the appointment of Eddie Yongming Wu as the chief executive officer of the group and chairman of Taobao and Tmall Group, effective immediately. Alongside this, Wu will also serve as chief executive officer of the two subsidiaries. He replaces Daniel Zhang, who will be stepping down the group’s...

Business

Alibaba reportedly injects 634 million dollar capital into Lazada

Chinese marketplace giant Alibaba Group is believed to have injected a further 634 million dollars into its Southeast Asia e-commerce subsidiary, Lazada. The reported amount brings Alibaba’s total investment into the firm to over 1.8 billion dollars this year, according to Tech in Asia. It comes as Alibaba continues to readjust strategies to...

People

Alibaba president steps down from Farfetch board

John Michael Evans, the president of the Alibaba Group, has announced his resignation from the board of directors of luxury retailer Farfetch Limited, with immediate effect. In a regulatory filing, Farfetch said that the resignation “was in furtherance of the arm’s length commercial partnership between Alibaba Group Holding Limited” and the...

Business

Alibaba's quarterly revenues surge by 9 percent

In the quarter ended September 30, 2023, Alibaba reported revenue of 224,790 million Chinese yuan (30,810 million dollars), an increase of 9 percent year-over-year. The company’s income from operations was 33,584 million Chinese yuan (4,603 million dollars), an increase of 34 percent, while adjusted EBITDA increased 18 percent to 42,845 million...

Business

Tanking Alibaba drags Hong Kong as markets rally fades

Hong Kong - Asian stocks fell Friday as a rally fuelled by the likely end of US interest rate hikes ran out of puff, while Alibaba dragged Hong Kong down after saying it would cancel the planned spinoff of its cloud computing arm. After an exciting few days on trading floors, the week headed for a tepid finish, with Wall Street drifting even as...

Business

Alibaba shares down more than 8% after cloud computing setback

New York - Shares in Chinese e-commerce giant Alibaba plummeted on Thursday after the company said it would cancel the spinoff of its cloud computing arm because of US curbs on exports of advanced chips. Alibaba shares were down eight percent in late morning trade on Wall Street. The company had planned to split the group into six distinct...

Retail

Alibaba said Singles Day sales grew, but it was no bonanza

China's Singles Day, the world's largest shopping festival, concluded with Alibaba reporting positive sales growth, although full results were not disclosed. Fortune estimated the shopping spree's value at 156 billion dollars, a critical contributor to China's fourth-quarter economy, but the event may have appeared to have lost its shine....

Business

Alibaba plans to list logistics arm in Hong Kong IPO

Chinese e-commerce giant Alibaba said Tuesday it intends to spin off its logistics arm Cainiao through an initial public offering in Hong Kong as the firm undergoes a massive restructuring. After years of turbulence in the Chinese tech sector, Alibaba announced in March it was dividing itself into six entities, with the goal of listing them...

Retail

Vagabond Shoemakers expands in Asia with Tmall

Swedish footwear brand Vagabond Shoemakers is expanding within the Asian market with a concept store on the Chinese e-commerce platform Tmall, part of the Alibaba Group. The concept store launches with the brand’s autumn/winter 2023 collection as the footwear brand looks to expand its reach within Asia, adding to its recent collaboration with a...