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Alibaba to split into 6 groups, separate IPOs expected

Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date. The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial...

28 Mar 2023

Business

Alibaba launches new edition of Global E-Commerce Challenge competition

Alibaba wants to recruit young talent for the development of its international e-commerce business. To do so, the Chinese giant has launched a new edition of its Global E-Commerce Challenge competition, which is aimed at students from all over the world. Based on simulations of problems that could be encountered by Alibaba's Global Digital...

13 Mar 2023

Business

Alibaba quarterly revenue rises 2 percent

Beijing - China's Alibaba Group said Thursday its revenue rose two percent year-on-year in the quarter ending December 2022, as the internet giant shook off the impact of strict Covid containment measures and a slump in consumer demand. The company recorded revenue of 248 billion yuan (36 billion dollars) for the three months through December,...

24 Feb 2023

Business

China's Alibaba joins global chatbot race

Beijing - Chinese e-commerce giant Alibaba said Thursday it was working on a rival to ChatGPT, joining a flurry of global tech firms rushing to match the popular AI-powered chatbot. ChatGPT has sparked a gold rush in artificial intelligence technology, with Microsoft, Google and China's Baidu all working to develop chatbots that can mimic human...

9 Feb 2023

Business

Alibaba co-founder to relinquish control of Ant Group

Jack Ma, co-founder of Chinese e-commerce giant Alibaba, is to give up control of of Ant Group, after a government crackdown on powerful companies and individuals. For the past two years there has been much talk of Mr Ma divesting his stake, with the Ant Group valued last year between 75 and 150 billion dollars before its IPO was halted. Ant...

9 Jan 2023

Business

Alibaba reports loss of 2.89 billion dollars in third quarter

Chinese e-commerce giant Alibaba on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown. The heavy net loss attributable to ordinary shareholders was primarily due to a "decrease in market prices of our equity investments in publicly...

17 Nov 2022

Business

Alibaba and JD.com keep Singles Day sales under wraps for first time

Chinese e-commerce giants Alibaba and JD.com have opted to not release any sales numbers for their annual Singles Day, possibly hinting that macroeconomic headwinds could be hitting the region and its businesses. While Alibaba said the results had delivered in line with last year’s GMV performance despite the macro challenges, JD.com said this...

14 Nov 2022

Business

SoftBank posts Q2 net profit after Alibaba share sales

Japan's SoftBank Group on Friday posted a net profit in the second quarter, with big gains from its recent sale of some shares in Chinese e-commerce giant Alibaba. In the period from July to September, the investment behemoth logged 3.03 trillion yen (21.4 billion dollars) in net profit. But over the first half it suffered a net loss of 129...

11 Nov 2022

Business |Interview Featured

Alibaba’s Mei Chen on how Tmall is helping luxury brands digitally transform for the Chinese consumer

Five years on from its launch, Alibaba’s Tmall Luxury Pavillion has positioned itself as a “one-stop shop” for China’s consumer, and as the segment continues to grow in the region, its impact on the global luxury industry is starting to spill out into wider markets. The high-end e-commerce platform initially launched in 2017, just as Chinese...

7 Nov 2022

Business

Alibaba’s Tmall launches livestream shopping events for Chinese consumers

Alibaba has teamed up with real estate investment trust Simon to bring a series of livestream shopping events to its Chinese customers through Tmall Global and a partnership with Shop Premium Outlets (SPO). Beginning in October, the livestream events will allow users to virtually shop SPO’s online inventory and purchase directly from...

27 Oct 2022

Business

Alibaba grows metaverse presence with luxury Tmall fashion show

Chinese e-commerce company Alibaba is set to celebrate five years of its Tmall Luxury Pavillion, an online shopping platform for luxury brands, with the launch of digital experiences. To celebrate, the company will be heading into the metaverse alongside global luxury labels for an augmented reality (AR) fashion show and an exhibition using...

22 Sept 2022

Fashion

Berluti launches on Alibaba’s Tmall

LVMH-owned French luxury menswear brand Berluti has launched on Alibaba’s Tmall Luxury Pavilion to expand its digital footprint in China. In a statement, Berluti said it has been “steadily expanding” in China, which it adds is on pace to be the world’s largest luxury market by 2025 and aligning itself with Tmall is crucial in targeting affluent...

22 Aug 2022