Swiss watchmaker Audemars Piguet is on track to hit 1 billion Swiss francs ($1.04 billion) in global sales this year, the firm’s chief executive said, amid a revival in luxury demand in China driving up watch sales.
China’s Ant Financial Services Group is in talks with investors to raise at least $8 billion in its next planned round of funding, for a potential valuing of $150 billion ahead of an expected stock market floatation.
As Alibaba's founders announce their investment in Rent the Runway and Kering plans to test a new subscription system, the luxury industry is preparing to respond to a new consumption mode that heralds a revolution.
Alibaba, the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event.
Chinese e-commerce giant Alibaba Group Holding Ltd said on Thursday its quarterly revenue climbed 61 percent to 55.12 billion yuan (£6.3 billion) in revenue, helped by growth in its core e-commerce business.
With the push for contactless payments -- via fingerprint or retina scan -- the Chinese giant has now implemented its 'Smile to Pay' concept in China, through the facial recognition tool of its subsidiary Ant Financial.
Small and medium-sized enterprises in China are capitalising on the e-commerce boom to restructure the way business is done. Online sales of consumer goods in China soared 26.2 per cent from the previous year in 2016.
Chinese e-commerce giant Alibaba Group Holding Ltd on Monday said it is launching new sales channels in Singapore, Malaysia, Hong Kong and Taiwan as China's deep-pocketed e-commerce firms vie for new users.